EUR/USD ahead of NFP
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Trade idea
SELL 1.1150; TP1 1.1080; TP2 1.1020; L 1.1170
EUR/USD spiked towards 1.1265 this week but failed to overcome the declining 50-day MA. The pair formed a “shooting star” candlestick and fell. Yet, only now has the euro got to the weekly pivot point at 1.1170. The decline below this level will make the pair slide towards 1.1080 and 1.1020.
The fact that the euro area’s economic figures remain weak, while the US Federal Reserve pulled back the expectations of a rate cut this year, represents another argument for selling EUR/USD. The US Nonfarm Payrolls data at 15:30 MT time will increase volatility.
