Trading signals EUR / USD

Despite the news-full second half of the trading week, the FOREX currency market is trading restrained, within the established ranges. Neither the US FOMC decision nor the announcement of the name of the new Fed head caused a strong volatility on the market. Market participants remain quite passive. Perhaps this is the kind of calm before the storm, which may burst today after the publication of statistics on employment in the US.

In the European session, while waiting for Nonfarm Payrolls, it is unlikely that there will be much activity from market participants, and at the American session, the course of trading will be determined by the data on the labor market. The data received this week from ADP set the market for optimism about today's data. It is expected that the indicators will be significantly better than last month's data, when a significant impact on statistics was provided by the hurricanes that passed in the USA.

On the four-hour chart, the situation develops in favor of continuing the gradual growth of the Eur / Usd. Yesterday, the market tested the first resistance level at $1.1650, and although it still could not take it, the market is trading in a narrow upward channel. Now it is very important for the bulls to gain a foothold above the level of 1.1660, only in this case we can expect the continuation of growth. Otherwise, a false breakdown of the level of 1.1660 will be drawn on the chart, and this is already a strong reversal signal, which will send the price first to the level of 1.1572, and in case of breakdown even lower to the 1.1440 area.

Recommendations: out of the market before the publication of news and understanding of the market further direction.

Fort Financial Services