Trading strategy: standing aside

The euro continues to trade sideways against the dollar as yesterday's attempt to stabilize into the 1.32 region was short-lived, but the upside remains favored while we don't see a retreat toward 1.3100. Short-term sentiment is bullish but the 4-hrs studies are showing signs of uptrend weakness after testing 1.3250 3 days ago. The NFP data release is today's most important event in the economic calendar and it is widely expected to print around -70k and unemployment rate probably edge up to 9.6%. Buying dips or on break higher seem the safer bets for now. Current exchange rate is 1.3188 @06:15 GMT

Support: 1.3100/20, 1.2970/00 and 1.2900
Resistance: 1.3250/90, 1.3400 and 1.3500
Market sentiment: long term - bearish, medium term - slightly bullish, short term - bullish, intra-day - bullish


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Have a great weekend!