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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).



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