EUR / USD pair: plan for the European session on October 5. Non-Farm Employment Change Report May Rise Euros
To open long positions on EUR / USD pair, you need:
Today, all attention will be focused on the Non-Farm Employment Change report, bringing a quite low volatility n the first half of the day market. Buyers will most likely try to keep the support level of 1.1498 and the formation of a false breakdown on it will be a signal to buy euro in order to return to the resistance of 1.1541 and its breakdown. Poor data on the US labor market, which is unlikely, will lead to growth above 1.1541 and an update of the maximum of 1.1588, where taking profits are recommended. In the event of a decline in the euro under the support level of 1.1498, you can take a closer look at purchases from the week minimum of 1.1463 or open long positions for a rebound from 1.1399.
To open short positions on EUR / USD pair, you need:
Sellers will try to gain a foothold below the support of 1.1498 in the first half of the day, which will lead to a larger sale to the weekly minimum of 1.1463 and to update it with an output of at least a month in the area of 1.1399, where taking profits are recommended. It is important to pay attention to the fact that even a positive report on the US labor market may lead to an increase in the euro at the end of the day, since the big players can use it to take profits in the US dollar, which has been strengthening against the euro over the past few weeks. In this scenario, short positions can return on a false breakdown from 1.1541 or on a rebound from 1.1588.
The price is stuck between 30 and 50 average, which indicates the uncertainty in the market, before the release of important fundamental data.
The Bollinger Bands indicator does not give signals when entering the market and only indicates a sharp drop in volatility in front of important data.
Description of indicators
- MA (moving average) 50 days – yellow
- MA (moving average) 30 days – green
- MACD: fast EMA 12, slow EMA 26, SMA 9
- Bollinger Bands 20