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The EUR/USD made a new high today at 1.4673, probably brought up along by AUD and NZ.
I like it when a plan does work and for now, it indeed ranges.
The ADP Non-Farm Employment Change report from US showed increased job loss and this gave a knocking to the currency pair.
As of writing, it trades at 1.4625, having dipped to 1.4575.
A classic case of short term risk aversion / panic buying of US dollars.
Notice how the price reacts around the 1.4600 region.
Unfortunately, our favorite market clue the S&P 500, suffered a worst fate. Risk aversion was rampant, chipping off the index towards a support level.
I will be paying close attention to 1040.
Oil is climbing above support while gold shot back to the 1000 area.
One area of interest is that we have remained for quite some time sub 1.4719.
This could be hesitation before the non-farm payroll report in US or simply mixed interests in this region.
Either way, sentiments move markets and being far too long lingering just above 1.4600 with the occasional bearish attack may just rout the bulls’ resistance.
Keep your running shoes on and be prepared to react should the critical levels be breached.
I am home from work early today.
Instead of resting, i went straight to my “second” job. The markets and my dear readers!
It is time for bed now but sleep and i still have unsorted issues.
One of my favorite game, Left for dead has released a free DLC. New campaign for not even a pip’s cost! Maybe i should go and take a look. Should i ? …….
Trade safe !
You can visit my blog for more EUR/USD and forex articles.
Discuss with me over at forums.fxinstructor.com!