Weekly Trade Idea for EUR/USD
Key event: USD. Non-Farm Payroll
The number of new jobs created during the previous month, in all non-agricultural business. The monthly changes in payrolls can be extremely volatile, due to its high relation with economic policy decisions made by the Central Bank.
We expect a higher reading than the previous month.
Until Friday, we can expect a light strengthening of the USD against other currencies. It would require a very positive or negative surprising release for the USD to break actual ranging levels.
Resistance 1.2300, 1.2400
Support 1.1950, 1.1900
Price is ranging between 1.2300 and 1.1950. Last week, the price closed with false up movement and a strong bearish movement, heading support levels. We do not expect a break of key levels before the announcement.
Call to Action/Trade Idea
Neutral markets provide the opportunity to trade both long and short. We will look to buy near supports and to sell near resistance after a price action confirmation.