The rally in the EURUSD pair stalled around 1.1250 again and couldn't continue further as the investors are waiting for NFP report that is about to release. The pair has been moving between 1.11 to 1.1250 for the past couple of weeks. Today the NFP report will set it's further direction which seems DOWNWARD for me. We got the hint yesterday from ADP Employment which outperformed and came well above the expectations (253K). Initial jobless claims showed a bit bad figures but the figures for the past three weeks are enough to cancel it's effect. I expect healthy figures in today's NFP report. The market will become more volatile if the coming figures make a huge difference from the figures that are expected, so traders are advised to trade cautiously ahead of NFP. Technically if we look at the pair we can see the clear downward trend is coming in the upcoming sessions as the rally in EURUSD once again showed signs of exhaustion and momentum indicators like stochastic is also rolling over and giving clear downside signals. RSI is also giving warning signals over and over again by making lower highs for many days plus we can clearly see in the chart that a CLEAR DOUBLE TOP has been made. Yesterday traders might have found the better price to sell the pair as I advised to sell at 1.1240 but still who missed yesterday's positions can take their position today.
My today's recommendations are same that SELL the pair at current levels with stop loss above 1.1310 and first target should be at 1.1020-1.1050. And if pair breaks this level then the second target would be 1.0880-1.0930.
Wish You Good Luck in your Trading today.
My today's recommendations are same that SELL the pair at current levels with stop loss above 1.1310 and first target should be at 1.1020-1.1050. And if pair breaks this level then the second target would be 1.0880-1.0930.
Wish You Good Luck in your Trading today.