As expected, we saw the EUR/USD form a tight channel in expectations of the NFP coming out in about 4 hours and 30 minutes.
Technically speaking, we still have some short-term downward pressure (below 1.4000) before another potential move to the upside.
Throwing fundamentals into the mix, it seems many commentaries are still a little hesitant to say that the US economy is showing improvement - however, it is forecasted that unemployment rates are showing some signs of dropping.
Nonetheless, this NFP will be no different from those in the past - high volatility and erratic price swings. It’s best to have your plan in mind, wait for the numbers, observe how the market reacts and then pull your trigger.
Good luck and happy trading.
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