NFP is threatening the breakdown in EURUSD and across G10 pairs.
The flows, with centralisation focused on the dollar follow profit taking and an early advance. This can be exploited and is easy to understand what is in play (as with NZDUSD). We have our shelter at 1.215x which is our ceiling, the next step is to look for areas of value to the downside.
In a classical price action style, support regions are suitable targets at 1.211x and 1.200x. This will be met with demand; macro position building. More an anyone else, you will all know how bullish we were on euro ahead of the crowd.
We are back above those highs after the breakthrough and with claims ticking down we are in time for payrolls, it is harder to play the buy side this time as we are already extended and at rich levels. The idea is of course an attempt to ride a retracement on the NFP headline.
Lets see how it goes.
The flows, with centralisation focused on the dollar follow profit taking and an early advance. This can be exploited and is easy to understand what is in play (as with NZDUSD). We have our shelter at 1.215x which is our ceiling, the next step is to look for areas of value to the downside.
In a classical price action style, support regions are suitable targets at 1.211x and 1.200x. This will be met with demand; macro position building. More an anyone else, you will all know how bullish we were on euro ahead of the crowd.
We are back above those highs after the breakthrough and with claims ticking down we are in time for payrolls, it is harder to play the buy side this time as we are already extended and at rich levels. The idea is of course an attempt to ride a retracement on the NFP headline.
Lets see how it goes.
Trade closed: target reached:
TP1 hit ✅
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Everything should be crystal clear here.... eyes on TP2 over the coming sessions.
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Another try to crack support with the London/Frankfurt open today. Let's see how it goes and whether we can get the final flush!
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Another attempt today at cracking the 1.210x support:
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FINALLY
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Sellers now have their first attempt of turning the soft support into soft resistance with Frankfurt and London morning session. Watching this one closely to see how it plays out....
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1.210x support held for the entire flow. For those still short its time to start clearing all.
