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.
As soon as the number was release, we saw USD strengthen before it sold off as traders see today’s numbers as strong, but nothing spectacular. Obviously, it’s not enough to curb the USD selloff.
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:
Short 1 lot EUR/USD at 1.3350, stop at 1.3390, pt1 at 1.3310, pt2 at 1.3280
Stay tuned for updates…Good luck and good trading!