DanielHarris

Dollar vs Euro

Long
FX:EURUSD   Euro / U.S. Dollar
After a strong dollar rally today, the EURUSD is poised for a big move with the upcoming Non-farm payroll, unemployment and wages news. Wage growth have been meager or stagnant the past few months, so unless the news is very positive, I think the dollar will have a significant down day. Technicals show strong support around the 1.1590 area and Trump has said in the past that a strong dollar is a disadvantage suggesting he prefers a weaker dollar.

Summary: unless very positive news for the dollar, I see the EURUSD going positive. Otherwise, I would suppose the EURUSD has finally broken out of the technical wedge and will continue to fall. For now, I am long EURUSD with a somewhat tight stop loss. I would not feel confident holding long if the price falls below 1.1565. Although, this setup has great opportunity for a great long trade.
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