Weekly trade idea on EUR/USD. NFP

Gil Ben Hur The5ers Fund

Week: 4-8.01.2020

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 lower reading than the previous month.

Until Friday, we can expect a weakening of the USD against other currencies. It would require a positive surprising release for the USD to strengthen against other currencies.

Key Levels:

Resistance 1.2300, 1.2400
Support 1.2150, 1.2070, 1.2000

Trend EUR/USD:

Bullish

Price is testing 1.2300 resistance. Last week, the price closed with a bearish engulfing candlestick and MACD divergence.

Call to Action/Trade Idea

We will look for any opportunity to join the bullish trend. Given the divergence, we might see a retracement to support levels. From there we will look for buying opportunities.

Author

Gil Ben Hur

The5ers Fund

Gil Ben-Hur is the founder and CEO of The5ers Funding Traders & Growth Program. Starting his trading career in 2007, as an independent portfolio manager, in 2011 he established a free education forums website dedicated to pricing action trading.

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