EURUSD Forecast before NFP Data Release

FX:EURUSD   Euro Fx/U.S. Dollar
As we all know NFP data is to be released at 0830 EST. Previous July data puts NFP at 254K and Chariman Yellen stating that they will not raise rates until more evidence of economic improvement. The Four Week jobless claims has dropped to 268K, ISM's Employment section has risen, and continuing claims continues to decline.

There are the possibilities of no rate hike, which would make sense with the drop in CCI , but it seems that we could be looking at Sept. for rate hikes.

This would, in turn, drive the USD UP, subsequently dropping the EURUSD             pair. A close above 98.20 ( DOLLAR INDEX             ) would require a further break before we see further bullsh action with the USD.

Analysis of our charts shows that there is a very strong resistance level at the 38.2% Fibonacci, and we haven't had a close about 1.0930. The zone has been tested numerous times, but we cannot close above it.

Switching over to the Dollar Index             , we are currently sitting at 97.89, working on an uptrend from mid-June. If this trend holds true, we may see a quick bounce to the support TL followed by a nice raise into the 98.5-99.* range.

Based off our predictions, we are holding a SHORT position at this point.
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out