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4 trades for NFP - Part 3: EURUSD

Old Teflon loves them dips

3. EURUSD

Reasons: Never one to miss making a big move on US data

Where to get in: Look both ways but longs would be favourable

Above

  • 1.1500 is where I'd look for a stretch short if the numbers are pretty straight down the line. It wouldn't be big and a break of 1.1525/30 would tip me out.
  • 1.1600/20 is the next obvious choice from this weeks highs. Again, I wouldn't give it too much room above that high. I'd be looking for whether the price is going to stall on the way up there around 1.1550/60. Overall I'm not too keen on a short as I think there's better value in the dips

Below

  • Ignore 1.1400 unless we creep higher, to maybe somewhere above 1.1450 before the figure. I mentioned yesterday that if a question is asked at 1.1400, watch 1.1380/85 before looking for an answer.
  • 1.1330/35 is a strange number to find S&R at but the charts don't lie and it's been a touch point multiple times since March. If we get through possible support at 1.1360/70 then I'd expect a test of 1.1330/35. A long there might be worth adding to just ahead of 1.1300, and there's prior S&R at 1.1294. A break of 1.1270 and I'd be out.
  • 1.1215/20 is where I'd grab a long to hold for the longer-term but it's going to take a big NFP beat to get there, and then I'll first judge if it's a game changer for the Fed.

EURUSD H4 chart

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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