Weekly trade idea on EUR/USD
|Week: 1-5.02.2021
Key event: USD. Non-Farm Payroll
The number of new jobs created during the previous month, in all non-agricultural business. The monthly changes in payrolls can be extremely volatile, due to its high relation with economic policy decisions made by the Central Bank.
We expect a higher reading than the previous month.
Until Friday, we can expect a light strengthening of the USD against other currencies. It would require a very positive surprising release for the USD to really strengthen against other currencies.
Key Levels:
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Resistance 1.2300, 1.2400
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Support 1.2070, 1.2000
Trend EUR/USD:
Bullish/Neutral
Price is ranging between 1.2300 and 1.2070. Last week, the price closed near support with a rejection of them.
Call to Action/Trade Idea
We will look for any opportunity to join the bullish trend. We might see a retracement to 1.2000 support levels. From there we will look for buying opportunities.
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