Hello everybody! I hope you are all having a great weekend. The Non Farms Payroll came out on Friday and announced that the economy actually gained jobs last month. That is a positive indicator that the economy really is turning around and we could see some more economic growth in the future.
However this does not mean that the Eur/Usd is going to go down forever. The possibility of the Federal Reserve Raising interest rates could have a significant impact on this pair.
Right now there is a price pattern forming on the Eur/Usd, after the NFP announcement the pair dropped but the price stopped on the current upward trend line that has been forming. So our current trend on the 1hr chart is upwards until the trend line gets broken down to the down side.
Look at the 1hr chart below. *Note Click on the Chart to learn about our premium trading Service.
Trade Plan
I am going to long on this pair with a target of 1.3600
Stop Loss 13472
I will move my stop to break even when the price is up +15 pips.
You can also follow my trades for free by joining currensee
Forex News
Keep up to date on all the current forex news by reading forex crunch which is an excellent site with many up to the date forex news articles. There is also another blog that has Eur/Usd updates and that is thegeekknows.com