FOREX Trading: Playing EURUSD Bounce after NFP
The plan for this EURUSD trade was laid out in last night's technicals. The drop into 12880 may have completed the first of at least a 3 wave decline. Resistance levels are 12940, 12975 and 13030. The precise entry allows the stop to be breakeven at this point. Please use stops...a new low could take this all the way to the 61.8% retracement of the run from November at 12838.
The USDJPY triangle seems to be playing out as well. 8200 wasn't quite reached but the 8355 objective is far enough relative to the morning low (8217) to warrant consideration.
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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Jamie is the author of Sentiment in the Forex Market.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.