We are expecting NFP data today at 12:30 GMT time. ADP this time, printed out better the expected result and we might expect that NFP prints higher. If there is a strong deviation from consensus numbers (202K) it will have a positive effect on the market as the odds of December rate hike are app 45 %. Good NFP numbers will raise the chance slightly above 50 %. General trend on EURUSD is bearish as ECB QE will probably be extended and technical are aligned with fundamentals.
We need to pay attention to 1.1105 and 1.1210. If the pair drops below 1.1105 it should reach 1.1070 initially and may well proceed towards 1.0980. If the pair pushes above 1.1210 , 1.1325 could be the target and we could use it as another sell into rally.
Have in mind that NFP spike WILL not reach these levels immediately so we need to pay attention to H4 close/H1 momentum to see the direction AFTER NFP spike has faded. Any good rally will be possibly used for fresh selling. Breakout trades are possible but only as SPIKE trades, if levels are breached.
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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