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EURUSD is facing a major swing high before NFP!

Friday, July 6, 2018 10:31 AM GMT

Both Barclays and Goldman Sachs expect nonfarm payrolls to rise 200k, in line with the year-to-date average monthly increase. On the other hand US president, Donald Trump has promised not to tweet about the NFP jobs report before the announcement. If you remember he had broken the protocol last month. Most important news concern the upcoming trade wall which US has already declared to the rest economies. Today it's the official beginning versus China and traders anticipated for China’s reaction.

Reviewing the technicals on EURUSD, the pair is moving above 20 EMA as well as 5 EMA crossed above 20 EMA too. However, the price has currently stalled below a major resistance at 1.1724. In addition, the pair has to deal with the latest swing high (SH).

Daily

Heading to the hourly timeframe, we have noted two potential scenarios for both sides, buyers and sellers. The bias looks bullish as the pair validates 200 SMA from above. During NFP, we are expecting volatile price action, therefore, traders should highly cautious with their trading.

Hourly

(EMA = Exponential Moving Average, SMA = Simple Moving Average, 5EMA = Blue, 20EMA = White, 200SMA = Yellow)

Always review your own analysis. If there is a confluence between the current study and your own strategy, then you may have even better trading setups.

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