Recap: No EU trades taken yesterday as the S/R lines were not strong enough for us to risk our equity on.
Euro continues to show technical weakness after the drastic rate cut by the ECB on Wednesday, and there is no good reason to think that any bullish rebuttal will be limited until bears have found a fair market price. 1.20 is our target for next week.
Today's Important News Events:
|12:30||USD Change in Non-farm Payrolls (JUN)||100K||77K|
|12:30||USD Unemployment Rate (JUN)||8.2%||8.2%|
|*To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.|
US employment news came in at forecast, muting its market effects.
Trading Idea: Price is flirting / piercing our bottom support at the time of this writing and, despite it being Friday, we are going to take a short at current price (1.2365) with targets down to 80 pips and our SL at 50 pips. If this 4h candle closes above 1.2365 we will close out for the weekend. Here is a shot of the chart at the time of our entry: