Weekly trade idea on EUR/USD & NFP

28 Feb 2021, 23:28 · Views 32

Week: 1-5.03.2021

Key event: USD. Non-Farm Payroll

The number of new jobs created during the previous month, in all non-agricultural business. The monthly changes in payrolls can be extremely volatile, due to its high relation with economic policy decisions made by the Central Bank.

We expect a higher reading than the previous month.

Until Friday, we can expect a light strengthening of the USD against other currencies. It would require a very positive or negative surprising release for the USD to break actual ranging levels.

Key Levels:

Resistance 1.2300, 1.2400
Support 1.1950, 1.1900

Trend EUR/USD:

Neutral

Price is ranging between 1.2300 and 1.1950. Last week, the price closed with false up movement and a strong bearish movement, heading support levels.

Call to Action/Trade Idea

We will look to buy near supports and to sell near resistance after a price action confirmation.

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