Update: 10:37 am EST
Our short trade was triggered at 1.3350 and we hit pt1 for +40 pips….Holla! I closed out my position because this retracement may not move much further, but for those of you still in the trade I would adjust your stops to breakeven or close your position at your discretion.
The Labor Department stated that November Non-Farm payrolls grew by 132K jobs, slightly better than expected. It’s a great number, but I think traders are focusing on the revisions. We see revisions of the October number down to 79K from 92K, and the September number up to 203K from 148K for a net gain of 42K revised.
Right now, EUR/USD is about 60 pips above it’s pre news release price, hanging around the 1.3335 level. I am looking to short if it pushes up to the 1.3350 as the rally may be overbought. So, here’s a trade idea:
Stay tuned for updates…Good luck and good trading!