For the Monday session, we don’t see much in the way of economic announcements that can move the marketplace, especially considering that Friday featured the Nonfarm Payrolls number out of America. With that, we believe that the market will focus on technical analysis more than anything else, and that, of course, is how we are going to trade today.
The EUR/USD pair initially fell in a knee-jerk reaction to a stronger than anticipated jobs number out of the United States. That being the case, the market still shows a proclivity to see a significant amount of support near the 1.10 level. Ultimately, we believe that as long as we stay above them, we are buyers of calls. We believe that the EUR/USD pair is probably going to try and head towards the 1.15 level.
The S&P 500 initially fell during the course of the session on Friday as well, but turned back around to form a nice-looking hammer. Because of this, if we can break above the 2100 level, we are buyers of calls, as the marketplace should then continue its upward trend.
Looking at the WTI Crude Oil market, we ended up falling during the course of the session on Friday initially, but found enough support below to turn things back around. The $56 level below is massively supportive as far as we can see, and as a result we are buyers of calls, as we anticipate this market heading back towards the $61 level. With this, the market looks like one that we can start buying calls in.
