Euro Nudges Lower, NFP Data Due Today

Fri, Feb 3, 2012

Basics

The Euro was slightly lower in Asia on Friday ahead of the unemployment report due in the United States later on today.

Investors were also awaiting the outcome of talks between Greece and its private creditors on a debt swap deal.

Greek officials insist that a deal is on the cards, and many analysts agree that we could see this take place by the end of the week.

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News Watch For EURJPY
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There are no High Impact News Releases scheduled for the Euro or Yen currency pairs today but traders will eye Euro consumer spending data (Retail Sales).

Remember, the US Non Farm Payroll data will also be released today so if you are in any positions it would be wise to tighten your stops or exit altogether.

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EURJPY Analysis
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Looking at the chart image below, we can see that the price has been contained within a triangle pattern.

chart 020312 1 Euro Nudges Lower, NFP Data Due Today

This helps us see that the price range is narrowing as it approaches the apex of the triangle. In this scenario, we could look for a breakout of the dashed trend lines in either direction. But be wary of false breakouts!

At this moment in time, the bearish channel holds firm yet my system suggests there might be a bullish signal lining up. However, I am reluctant to look for entries with the NFP data due in a few hours and the markets set to close at the end of the day.

Better safe than sorry folks, remember trading is a game of patience. It’s always better to hold on to what you have and live to fight another day. So we will continue the good fight next week.

Until then, all the best!

Happy trading!

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