The currency market is bound in very tight range for another session today as the traders wait for the delayed US jobs report before placing their trades. It is very important for the US economy at the moment to show enough labor market progress something that will boost confidence after the shutdown ‘drama’ and will open the door once more for tapering to kick in play again. However, a disappointing number might lead EURUSD through the stops just above 1.3700 and thus send the pair way higher than now. Analysts expect around 180k, a slightly improved reading from last month.
Trade Idea
Watch out for the jobs report as explained above. It will be a significant determinant for the pair’s medium term direction. 1.3700 is of course the area of significant resistance.
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