BombayBulls
Short

EUR/USD Trade for NFP, US Long Weekend

FX:EURUSD   Euro / U.S. Dollar
Has Draghi tipped off the coming Fed hike by aggressively downgrading euro             area inflation and growth forecasts to counter any strength ensued by the hike?! Well in any case, now we know it for sure that ECB wants euro             lower and we need to trade it accordingly. Any good bounce need to be sold until Fed shows us the path ahead.
Dollar index             is sitting right at the resistance, which means EUR hanging next to the support. From risk reward perspective, and taking expected volatility into the account during NFP release today, we are looking to sell euro             higher near 1.1280. It would be interesting to see whether euro             is even able to cross 1.1200. But seeing it above 1.1200 provides good edge to us than chasing it down here. These euro             levels dovetails well with dollar index             support levels near 95.50 and 95. Besides it will be a long labour day weekend for USA, so any extreme move might be faded quickly and we need to trade accordingly.
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