EUR\/USD<\/strong><\/a> started June with a 100-pip rally after a volatile end to May.
\nGiven the selloff we saw last month, a retracement in early June was to be expected, although I did think a 1.0600 retest might come first.<\/p>\nSo what should we watch ahead of Friday\u2019s non-farm payroll (NFP)?
\nThe first level I\u2019m watching is 1.0760, as the euro didn\u2019t give us a convincing break on Thursday, leaving it intact as resistance.<\/p>\n
We saw something similar from the US Dollar Index (DXY) in relation to the 103.50 yearly open I\u2019ve discussed at length.<\/p>\n
So as of now, the dollar is still above critical support, and the EURUSD is below resistance.<\/p>\n
But instead of expecting a reversal immediately from these levels, Friday\u2019s NFP volatility could produce a few long wicks to trade next week.
\nFor EURUSD, I\u2019ll be watching to see if we get a 1.0830 retest as resistance.<\/p>\n
That alone could offer a favorable selling opportunity, especially if we get a bearish pin bar.<\/p>\n
I\u2019m still eyeing a potential 1.0600 retest later this month, so I\u2019ll watch for weakness during this relief rally to short the EURUSD.
\nBut I\u2019m not in a hurry, and I\u2019d like to see some stops run above 1.0760 first.<\/p>\n
With that said, I\u2019ll only feel comfortable being bearish on the EURUSD if the DXY holds above 103.50 on Friday.<\/p>\n
If it doesn\u2019t, we could see a deeper pullback from the dollar next week, which means a higher EURUSD.<\/p>\n
In summary, I\u2019m watching to see if we get a long lower wick on the DXY on Friday and a long upper wick for EURUSD to trade next week.<\/p>\n","protected":false},"excerpt":{"rendered":"
EUR\/USD: Planning for Friday\u2019s NFP Volatility EUR\/USD started June with a 100-pip rally after a volatile end to May. Given the selloff we saw last month, a retracement in early June was to be expected, although I did think a 1.0600 retest might come first. So what should we watch ahead of Friday\u2019s non-farm payroll<\/p>\n... continue reading<\/a>.","protected":false},"author":3,"featured_media":20115,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17],"tags":[20,182,158,296,19,392,22,355,201],"yoast_head":"\r\nEUR\/USD: Planning for Friday\u2019s NFP Volatility<\/title>\r\n<meta name=\"description\" content=\"EUR\/USD started June with a 100-pip rally after a volatile end to May. 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