Weekly trade idea on EUR/USD

Saul Lokier The5ers Fund

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:

Resistance 1.2300, 1.2400
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.

Author

Saul Lokier

The5ers Fund

Saul is a professional Forex Trader for over 8 years. Characterized by a simple approach to trading, he manages funds for International Forex Funds, as well as personal accounts. Saul is the former Head Trader at FXsmartrader Academy.

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