Pre NFP Coverage: EUR/USD Two Possible Breakout Points

July 07, 2017 13:44

Worst than expected ADP numbers, might reflect on today's NFP data and push the pair even more to the upside. However, As the ADP NFP failed to meet expectations, any NFP figure over 175k might largely be positive for the USD. As Crude Oil continues to slip, it is putting some pressure on Equities too.

The pair has been bought exactly as I showed in the previous EUR/USD coverage and it went up as expected. At this point its trapped in a mini range (blue highlight) that reflects the similar range a week ago. It is totally normal as in Forex, price tends to repeat itself due to historical buyers/sellers vs now moment buyers/sellers alignment. 1.1445 is the first breakout zone and if the price breaks it targets should be 1.1470 and 1.1500. Below 1.1360 we might see 1.1330 and 1.1310.Have in mind that 2-way price movement is possible due to strong volatility that NFP, average hourly earnings and unemployment rate might impose on the market. That is why you might consider using the Volatility protection tool.

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W L3 - Weekly Camarilla Pivot (Weekly Interim Support)

W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

D H4 - Daily Camarilla Pivot (Very Strong Daily Resistance)

D L3 – Daily Camarilla Pivot (Daily Support)

D L4 – Daily H4 Camarilla (Very Strong Daily Support)

POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

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