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Buy EUR/USD post NFP | Nov 01, 2019

Fundamental: NFP came slightly better than forecast, then revision came pretty better than previous actual. Nevertheless, USD didn't show significant gain.

A weaker than forecast Average Hourly Earnings m/m seems to have played a nice role too to keep USD restrained.

Technical: If you remember the butterfly completed at 1st Oct, I had written that it can turn to be a significant tool to determine further target (view Anand's comment).

The trend has already shifted bullish on Wednesday as daily/D1 candle of Wed had closed above trend predictor (red line).

EUR/USD already had moved up to FIB78.6 against butterfly and now is the time of its erasal. The point were butterfly will be erased coincides with ABCD61.8, that strengthens significance of that point (1.1250-60).


2 komentarze

Anand Dubey
Anand Dubey
14 lis 2019

EUR/USD already penetrated FIB61.8 (1.09939), if doesn't stop here; it may fall to target of double top (1.09662).


Keon Consultancy
Keon Consultancy
06 lis 2019

EUR/USD retraced down to FIB 38.2 of upswing on daily/D1 time-frame but it doesn't invalidate our long term bullish view. It may or may not retrace down to FIB50.0/FIB61.8, which will depend on Thursday's London session because the pair didn't make any significant move today and seems to be in indecision. Even if it retraces down to next levels, our bullish view stays intact unless a D1 closes below FIB61.8. Note: if we get the valid setup for further downward retracement, we may go short for scalping few pips in spite of our bullish view.

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