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Forex: EURUSD and S&P 500 Slow Ahead of ECB, NFPs

Forex: EURUSD and S&P 500 Slow Ahead of ECB, NFPs

2014-03-06 02:01:00
John Kicklighter, Chief Strategist
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Talking Points:

Euro-based pairs are looking at the best trading potential over the next 24 on the ECB rate decision

• Risk trends have slowed in the meantime as the normal pre-NFP gravity starts to reach traders

• With bigger themes looming, short-term moves by the Yen, Aussie and Pound will likely stall quickly

Expect breakouts? Use the DailyFX Breakout 2 strategy to signal or confirm setups!

We are heading into an important 48 hour for the market's dominant fundamental themes - risk trends and monetary policy - and conditions are tense in the lead up. The S&P 500 reflected the preoccupation and anxiety perfectly by holding the bullish lean but carving out an extremely small trading day. Committing to an already dubious trend is made all the more dangerous with big-ticket event risk ahead. In the upcoming session, key market interest is in the ECB rate decision - and many Euro pairs are positioned for exceptionally. But the broader market may once again be more interested in Friday's NFPs and its influence over 'irrational exuberance'. We discuss this heavy event risk and its trade opportunity in today's Trading Video.

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