Lack Of Direction Ahead Of NFP Report
Both of our major currency pairs have shown a lack of direction in the first trading week of April. In other words, there was no or only little profit for day traders of the EUR/USD and GBP/USD and while we were looking for profitable trading opportunities we were disappointed by directionless and limited swings. However, with the GBP/USD holding above 1.40 the longer-term bullish trend remains attractive- at least for the time being.
The euro continues to trade within its near-term range between 1.2350 and 1.2250. Traders should pay attention to price breaks either above 1.2360 or below 1.2235. However, we may have to wait until tomorrow’s payrolls to see more meaningful movements in the market.
Currently we see the price fluctuating within a symmetrical triangle since prices narrowed. A break below 1.2260 could spark bearish momentum towards 1.22, provided that the 1.2250-barrier gives way to the bears. Those that are looking for profitable long entries should rather wait for the price to exceed 1.23.
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