VantageFX

Where to now for EUR/USD? Possible Scenario if NFP Misses.

Short
FX_IDC:EURUSD   Euro / U.S. Dollar
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With a still packed USD sensitive economic calendar tonight featuring a hugely anticipated NFP release, lets just say that things may get a lot worse for squeezed Euro shorts before they get better…

With EUR/USD still really in no-man’s land on the daily chart , I have thrown on the fibs to try and give us some possible areas of logical selling. I have marked the key 50-61.8% zone which also lines up with the underside of our counter trend, flag trend line .

With the market expecting a decent NFP number after this week’s ADP beat, if the US economy doesn’t deliver then an instant shot into that area is a real possibility.

Do you see opportunity trading the ECB fallout?

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