European Forex Professional Weekly 2010-01-28

[Sive Morten]

Market has reached hourly OP and confluence resistance at 1.3970 area. I've closed my short-term long position.

 

[Sentinel]

Market has reached hourly OP and confluence resistance at 1.3970 area. I've closed my short-term long position.

I also see that you short EURUSD from 1.39687 with TP at 1.3650. Can I assume that you are expecting a better NFP reading?

 

[Sive Morten]

Well, I think it will be around +20K, but this wasn't a reason for short enter.
It looked like the retracement is over, but definitely not Market has reached XOP at 1.4023 and agreement. Looks like I was a bit hasty with decision...

 

[Sive Morten]

There is very interesting situation now developing on EUR/USD.
Market has reached hourly XOP=1.4027 and Agreement area a made strong impulse down.

If day will close below 1.3982 -we will get daily W&R of nearest 0.382 resistance and down move can continue...

I am short now, although with 0.3 lot.

 

[Sive Morten]

Today will be new research, I've added a light analysis of JPY.
And another important thing - tomorrow will be not just NFP - they will publish revised employment tables for recent half a year, and some worries exist that the real job loosing for that period can be greater for about 1 mln. It's a huge revision. May be it's just rumors...

 

[Sentinel]

Woww.. What a decline that was. Seems that COP had been taken out by market in Gold and market retraced due to triggered StopLosses. Correct? Next target confluence around 1040.

 

[Sive Morten]

Very familiar to that. S/L definitely have took part in this decline...