Today’s focus is on NFP and Unemployment rate. Traders should not pay attention to NFP alone, as Unemployment rate is also VERY IMPORTANT. The EURUSD movement will be affected by the result. If we see predicted 190K expansion in NFP but higher unemployment rate (x>5.0%) It may cause another EURUSD rally.
Attention should be focused on the “WOOD”, not just a “TREE”. Bigger picture tells me that the price has already spiked up all important camarilla levels. Similar to Murrey math octaves we need to change camarilla timeframe according to price level breakouts. H1 with monthly camarilla pivots shows Bearish Divergence which HOLDS the price from proceeding to the upside but lack of momentum is due to standard NFP waiting mode.
1.1238 and 1.1065 with 1.1150 in-between are important levels. If the price drops below 1.1150 we need to watch for 1.1100 and 1.1065. 1.1065 is very important as it is the last bullish order block which spiked the price up couple of days ago. Below 1.1065 targets are 1.0985 and 1.0907.
If the price spikes above 1.1238 we should see 1.1300 with 1.1380 potential target (Historical Daily H4 cam PP). Above 1.1380, 1.1422 is strong resistance.
Pay attention to both NFP and Unemployment rate along with technical levels as volatility will definitely rise.
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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