Forex: Eur/Usd Trade Idea

Thursday the world will be waiting for the U.S. Unemployment data as well as the manufacturing numbers. On the Technical side of things the pair is giving bullish signals.

We have a near term resistance level of 1.4272 and if the pair continues to move upwards past the resistance the target is 1.4435

The near term support levels are 1.4200, 1.4100 and 1.4045

Trade Plan:

Watch the first resistance level at 1.4272 at the start of the London Market if the pair breaks through that level enter long wait until the pair has moved at least 20 pips. to make sure it is not a false break. Then you can watch for a quick retrace and get in a bit lower. Put on a 50 pip stop with a limit 1.4400 keep when the pair has moved to profitable + 15 pips move your stop to break even.

If the pair fails to break the resistance watch the support level of 1.4200 and watch for the pair to bounce off of that, if there is a bounce than get in long. Same rules as above, if the pair breaks 1.4200 to the downside than stay out for the day.

Keep close watch on the unemployment news at the New York Session because we could see some wild price swings when the news announcement comes out. For more fundamental details see the daily outlook at Forex Crunch.

4hr Chart –

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