This morning we had the first of the three big employment numbers of the week; the ADP employment report. EUR/USD jumped down after the report showed private employers added fewer jobs than expected in February. We are looking at EUR/USD because we have the ECB press conference tomorrow, and, our prediction from last week turned out to be correct. On the daily dance floor the pair wasn’t able to break above the 1.38 level and it has been moving down, with the prevailing Ichimoku cloud giving out bearish signals. If you failed to enter a sell order at 1.38, you still may have a chance Since Ukraine could still play a part in market sentiment and lift the pair up a bit before further drops.
So my preference for a short position is entry at 1.377 with targets at 1.3695 and 1.366. On the other hand if the pair breaks above the 1.38 level tomorrow, we could see gains towards 1.38955.
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