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EUR/USD

EUR/USD

Thomas Long, Course Instructor

In addition to an interest rate decision by the Bank of England this Thursday morning at 0700AM Eastern, the European Central Bank follows up at 0745AM Eastern with their decision on interest rates. If that isn't enough, on Friday morning at about 0830 AM Eastern, the US Department of Labor releases the Nonfarm Payrolls. These three events are as big as it gets for news releases and traders are reacting by just letting the EUR/USD bounce between support and resistance. Some traders like trading this environment and do quite well, but there are two things to keep in mind. You have to respect the strong downtrend this pair was in before this range bound condition, which means that sells are the preferred play over buys. You also have to be aware of those news releases so you don't get caught up in a volatile move. Checking out the economic calendar at the beginning of each trading week can offer great hints on what to expect during the week and this week is a good example.

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