captain_smollett

EURUSD. August 2016 NPF

FX:EURUSD   Euro / U.S. Dollar
Possible Cypher pattern is forming on EURUSD pair.

I expect lower than expected NPF tomorrow which will cancel every chance of hiking in September.

Longs

I expect an entry point of 1.1110 which is based on my previous idea (link below). Also there is an unclosed gap near 1.1120 and tomorrow is a perfect moment for closing it.

SL: 1.1030
TP: 1.1500

Shorts
Entry point: 1.1500
SL: 1.163
TP1: 1.12795
TP2: 1.12093
TP3: 1.11390
Comment: Getting ready to go long. Projected entry: 1.1120
Comment: Entry area hasn´t been reached this week but will surely be in by next week.

I expect a retracement to 1.1070 area where will start adding longs
Comment: We already have Three important economic statistics from the USA below expected:

Manufactoring PMI - Missed
August NFP - Missed
Services PMI - Missed

It is very obvious that there will be no rate hike before the elections and every USD strengh should be used to add longs in this pair.

Gap was formed at 1.1160 after the Services stats went out. I will open a long position on a retracement and closing of this gap. Mind that 1.1110 and 1.1070 are still in play but it definitely shouldn´t walk below 1.10 in the nearest future
Comment: Posted this chart more than a month ago and it is still perfectly valid. Looks like we had to wait one more NFP report to continue ascending to our target
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