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EURUSD- NFP Scalps Closed- Flat into the Weekend with the Fed on Tap

EURUSD- NFP Scalps Closed- Flat into the Weekend with the Fed on Tap

2012-12-07 19:28:00
Michael Boutros, Strategist
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NFPs crushed estimates today and although the headline figures look good, it's important to note that the labor pool contracted by 350K and is likely to have contributed to the pullback in the unemployment rate. As such, we will be closely eyeing the Fed next week and Bernanke's subsequent press conference for further insight into the central bank's outlook on the labor market.

EURUSD- All the support targets noted in Monday's Scalp Report have now triggered with the rejection at Break Target 4 at 1.2896 on the heels of the NFP print offering favorable long opportunities back into Break Target 3 at 1.2925. I closed long exposure at this level although the euro continued to rally with the pair coming just pips shy of Break Target 2 at 1.2952. I'm flat here heading into the weekend with this setup having performed extremely well this week. Key daily support now rests at the 1.2880 pivot level (last week's lows) with a break exposing our secondary objective at the 61.8% retracement form the November advance at 1.2840. The broader prospects for the EURUSD remain bearish below the 1.31-threshold.

For updates on this setup and more follow me on Twitter @MBForex

---Written by Michael Boutros, Currency Strategist with DailyFX

To contact Michael email mboutros@dailyfx.com or Click Here to be added to his email distribution list

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