EURUSD Breakout In Play
The EURUSD breakout trade from the 1.1840 level is still in play here. Following the initial breakout above the level, momentum has waned on approach to the bearish trend line. However, with MACD and RSI both bullish still, the focus is on a continuation higher while the market sits atop 1.1840, keeping 1.1961 in sight as the initial target.
Key Data to Watch
Today’s US services PMI and APD employment numbers will be the key releases to watch. While both readings are expected to mark an improvement on the prior month, there is room for disappointment, should either release underwhelm forecasts. The headline focus, however, will be on the US labour reports due on Friday. Once again, if there is any disappointment with Friday’s data this will create for further upside in the pair.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.