This is how to trade the EUR USD this week’s NFP and for the next 1-2 weeks.
The EUR USD is in a range right now between 1.1620 and 1.1750. The NFP could break this range.
If the NFP is not a real surprise this Friday we would imagine this tight range to continue for a week or two. Or perhaps at least for the month of August while there is not too much liquidity or trading volume. Therefore we would not expect too much volatility and the range to hold for the near term.
So we will look to BUY EUR USD at SUPPORT LEVEL 1.1620 and SELL at RESISTANCE LEVEL 1.1750. We have actually bought a buy at 1.1685 with confidence that it will rise until at least the resistance level of 1.1750.
We have already closed several trades on the way up from 1.1620.
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