Diametrically opposed to my analysis yesterday, EUR/USD crashed again, hitting mid 1.25’s before recovering slightly to close above the psychological 1.2600 level. It being NFP week and the last day of an over extended Month, I was expecting consolidation but that was put to bed even before our day began as the landslide regained momentum. It doesn’t take much to get sellers interested at present! The early move made trading our strategy impossible for the day and our trading hopes rested with the EUR/JPY S&R Trade. The early Euro sell off allowed us to bank TP1 and then move our stops to entry but the recoil was too strong and the second half closed at BE
Well, its hump day of NFP week and experience tells me that EUR/USD will consolidate in a tight range until Friday’s announcement. What I witnessed yesterday and considering the Bear’s are revelling in the ‘kill’, I’m not sure their appetites are sated. One thing’s for sure – I won’t be trading Short into yesterday’s Low, without TP1 in the bank.Reversal? – not on my charts!
The Day Ahead
Happy to trade Short with the proviso above but unless some reversal sign arrives, trading Long is bordering on insanity! Is that a Higher Lo I see??
|2:15pm||USD||ADP Non-Farm Employment Change|
|4:00pm||USD||ISM Manufacturing PMI|
Have a Wonderful Wednesday