Non Farm numbers changed the EURUSD direction

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EURUSDH4

On 31st March, I posted a possible sell for the EURUSD if price action moved as predicted for a down trend continual. For the posting, please click here. Price in the end did not moved the way to confirm a downtrend and with this all sell trades were invalid.

 

EURUSD Daily Chart

EURUSDDaily

On Thursday, 2nd April, price started to show some bullish movements. On Friday Non Farm Payroll day, figures printed 126,000 jobs added and this is way below the estimated amount of 246,000. Traders took this opportunity to sell the US Dollar and this prompted the EURUSD, 143 pips in 2 hours. My view on the EURUSD has not changed. I plan to sell the EURUSD if I see price shows bearish pattern anywhere near the 1.1200 or the 1.1400 area. As for now the short term price action may see some recovery in the the oversold EURUSD.

I still think price will start to have a strong USD again nearing the September FOMC meeting where economist expect a rate increace by the FED. So watch out your sell EURUSD trades once we hit mid May going into June to sell the EURUSD.