Fundamentals:
The dollar has strength with slow waning due to the COVID outbreak and poor job numbers projected for Friday. Last month non farm payroll really did not do anything to the market and I expect the same to happen here. Everyone knows unemployment is bad so I do not expect it to make a huge difference. If it does it will only help with the trade.
Technicals:
The daily chart shows multiple levels of resistance with the EMA and a price level of previous support.
The 4H chart shows a pinbar candle right under the 40 EMA with an engulfing candle expected.
Plenty of room to the downside with SL adjusted along the way to new lower highs as we move down.
Trade:
Entry: 0.9618
SL: 0.9737
TP: 0.9366
Risk: 1%
The dollar has strength with slow waning due to the COVID outbreak and poor job numbers projected for Friday. Last month non farm payroll really did not do anything to the market and I expect the same to happen here. Everyone knows unemployment is bad so I do not expect it to make a huge difference. If it does it will only help with the trade.
Technicals:
The daily chart shows multiple levels of resistance with the EMA and a price level of previous support.
The 4H chart shows a pinbar candle right under the 40 EMA with an engulfing candle expected.
Plenty of room to the downside with SL adjusted along the way to new lower highs as we move down.
Trade:
Entry: 0.9618
SL: 0.9737
TP: 0.9366
Risk: 1%