EUR/USD Price Forecast: French Debt and Rates Move Euro

From Daily Forex, this is Christopher Lewis taking a look at the Euro. The Euro has been pretty noisy during the trading session here on Friday, which makes sense considering that the jobs report in the United States came out much lower than anticipated. An addition of a 29,000 jobs with the expectation of 90,000 being missed. All things being equal though, we have a situation where it's not so much about the interest rates in America and the jobs and such. Right now, it's about French debt, which is suddenly a problem. All things being equal, this is a market that I think still sees plenty of sellers, and the 1.13 level offered resistance right along with the 1.14 level. Ultimately, this is a market that I like selling rallies. I do think this continues to be bearish, and now that we have broken through the 1.13 level, I believe that it probably goes much lower. The one thing that would change, of course, is if we get the situation sorted out in France with the debt problems, and we get some type of energy being sent to the European Union as a constant. There are still a lot of concerns when it comes to the availability of Qatari natural gas, and of course, oil coming out of the Persian Gulf. I think Europe could be running into a bit of a buzzsaw here.