Hi FX warriors,
Sorry I am new here so I’m not sure if this is the right place to post this. The EURUSD shot up to the 1.8000 level after the disappointing NFP news. I believe the Fed will not go through with QE3 due to the mixed employment reports (unemployment turned out to be 8.1 when 8.3 was expected which is good for the US economy) and as a result the EURUSD will go back down to the 1.5000 support level. What do you guys think?
EURUSD is bearish both long and short terms.
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Thanks for your input puluni. Looks like we have another awesome opportunity to make a lot of pips
Yes you may be right.US added only 96K jobs but their unemployment dragged down to 8.1% but that doesn’t mean that labor market is performing well.The number of job applicants decreased to the lowest level in the last 31 years which gives us a clue about why the unemployment dragged down?Personally i think that Fed will implement different type of stimulus instead of implementing QE3 which could make the markets crazier.May be you should have a look at here:
August’s NFP Numbers: A Case for QE3 and More? | Forex Blog: Piponomics
1.80, 1.50? Are you sure your looking at the eur/usd? It’s sittin at 1.285 right now after another 100ish pip rally today.
Oops sorry that was a typo lol. I meant *1.2800 and 1.2500. The 1.2800 resistance level did not hold.
That’s true. It may be best to sit on the sidelines as there may be a lot of volatility.
Gotcha, that makes more sense! But anyway, it’s definitely going to be a volatile day! I’m going to be trading it so we’ll see what happens!
now after the qe3 it sits at 1.31 !
1,8000 ???
where have you seen such level?
Euro debt crisis makes euro very bearish