ZuluTrade Blog

Market View

EURUSD is waiting for NFP

Friday, June 2, 2017 7:03 AM GMT

Markets are discounting for a positive U.S. jobs report later today as all major indices are back again to recent highs. Economists polled by MarketWatch anticipate 185,000 new jobs were added to the economy in May. An even-better number could further strengthen prospects that the U.S. Federal Reserve will increase interest rates within this month.

In the meanwhile, EURUSD is consolidating below 1.125 area and is creating a potential double top pattern. The pattern will be activated in the event of violation of the last swing low at 1.11 (this will give a target of 140 pips to the downside). In the same area, there is 21 EMA. This may act as an additional support for the bulls who are currently in control. 

Therefore, our focus goes to the NFP report and how the market will “translate” the report’s numbers on the chart. 





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