Daily Outlook: Pair is bullish after Friday's fireworks on further US job weakness. The pair jumped 160+ pips in just a few hours on the news - but this wasn't unexpected technically either. Take a look at the daily chart, or even the 4h chart and you'll see a nice gradual uptrend with hardly a bear in site. I will stick with the uptrend and look for buying opps. Currently the pair appears to be consolidating into a bullish flag pattern under 1.33, which signals more potential gains for the Euro.
Trading Idea: Primary trade will be conservative: long in the vicinity of 1.3215 support, with targets at 1.3240, 1.3270, 1.33 and 1.3330 for 115 pips profit.
A much more aggressive long with a decent reward/risk ratio would a long on a failure to close below 1.3260 with long targets at 1.3290, 1.3320 and 1.3350 for 90 pips profit.
Recap: It's always a matter of details as usual. If you took the aggressive primary trade (I listed all trades Friday as aggressive) then you shorted the 04:00 4h candle on the failure of 1.3200 again. That trade would have hitten our first TP at 1.3175 gotten you about 40+ pips in the profit in total before skyrocketing upward the next 4h candle. For CP users that UJ bearish candlestick I pointed out at the bottom of Friday's post would have gotten you about 80 pips in the profit before the weekend.