EURUSD Weekly Summary
We had a surprise in NFP number yesterday as actual number was unexpectedly worse than expected as US employers cut 85.000 jobs. Bloomberg reported that Federal Reserve Bank of Boston President Eric Rosengren said U.S. job growth will probably be slow and unemployment will stay “quite elevated” while the economy recovers, warranting continued low interest rates. This fact, if not trigger a negative sentiment for the Dollar, at least should potentially pause the Dollar rally next week.
While disappointing NFP number may diminish Dollar rally which started from last month, actually we have nothing significant from technical point of view. As you can see on my h4 chart below, price still trapped in range area of 1.4250 – 1.4450/80. In other words, nothing is confirmed yet and the market remains choppy. My technical strategy to short around 1.4450/80 or to buy around 1.4250 still proved to be the best strategy so far and I will keep it that way until we have a break from that range area. Have a great weekend and see you guys next week.