workingtraders
Short

EURUSD Not so fast!

FX:EURUSD   Euro Fx/U.S. Dollar
Technicals on the chart


Fundamentals :

US GDP was weak but blamed on weather.

Fed's Williams: June rate hike would require 'good' improvement in labor market, inflation . We have some critical data coming up this week Non Payrolls.

US nonfarm payrolls increased by 126,000 last month after a downwardly revised 264,000 rise in February, the smallest gain since December of 2013             . Meanwhile, the jobless rate remained unchanged at 5.5 percent. .

We should see a big improvement this month in nonfarm payrolls and should keep the pressure on EURUSD             towards the downside. Combined with Greece problems that won't go away very easily.

We also have GBPUSD             elections coming up. The GBPUSD             / EURUSD             correlation should keep the pair downward pressure building in the short term.

Comments welcomed. Thumbs up appreciated.
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Similar idea. Entered at 1.119 already.
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