This is PRE NFP SETUP
As we could see EUR crosses have dropped pretty much after yesterday's ECB rate cut. Today we have NFP and judging by fundamental and technical reasoning ( which are in confluence ) we could take short EURUSD setup. Now as you already know NFP volatility can be high so the most logical action would be to short into retracement. I am not saying EURUSD couldnt straight-drop to below 2920 but its much safer ( both for your account and your nerves ) to trade professionally and logically- shorting when the price has retraced or has been retracing.
The EURUSD is making rounded bottom pattern which is also supported my MACD and we could see that H3 retest breakout happened so the rounded bottom could push the price more to the upside if there is NFP SPIKE. Shorting into the spike on H1 TF could come around 3015-30 as we could see confluence point there. 2980 and 2920 subsequently should b the targets for NFP after spike.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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