EURUSD Quiet Ahead of NFP

Quote of the day: “The most dangerous untruths are truths moderately distorted.”  – Georg Christoph Lichtenberg

EURUSD – 1.4170 @07:15 GMT

Good morning. It’s that Friday of the month we’ve been waiting for: the Nonfarm Payrolls Day; also the April Fools’ Day – coincidence, I know! Today’s NFP number is critical and should suggest whether QE3 is likely or not, at least in the near future, depending on today’s figure Vs. consensus of 190-200k. Looking at current EURUSD charts, it seems that it will be a quiet day until the US session and the NFP / Unemployment Rate. I remain bullish for now, although yesterday’s rally was not too strong, but since the pair sits at yearly high levels, it needs a good reason to break higher towards new highs. Technically – the breakout is in the cards and previous downward moves have been corrective. There is no sign of reversal yet, no matter what charts we look at – daily, weekly, monthly. Regarding my long position on EURUSD – I just closed half at break-even point and will let the other half open, despite not being too confident right now.

Trading strategy: holding long at 1.4170 (half size), stop at 1.4100, target open

Support: 1.4130/50, 1.4100, 1.4000/30 and 1.3930/50
Resistance: 1.4200/20, 1.4260/80 and 1.4300
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intraday –  slightly bearish

EURUSD 4hrs chart 4-1-2011
EURUSD 4hrs chart 4-1-2011

About abwehra group

The Art&Science of Trading Gold
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