Thank you Spanish PM Mariano Rajoy!
"I'm not counting chickens here, however I recommend that you pay attention to unemployment and social security numbers on Tuesday the 4th ... If the patterns we've seen are confirmed they will be clearly encouraging," - Mariano Rajoy
As noted above a special thank you is in order to Spanish Prime Minister Mariano Rajoy for his thick hint regarding todays employment data. There certainly was a marked drop in unemployment numbers to the tune of 98,300, which was a significant 48,100 better than the 50,200 expected.
This release moved the EUR/USD up from around 1.30500 to a high of 1.30969. In my trading I was in and out within 23 minutes of the release and beat my target of the day significantly, although part of me wishes I'd loaded up a bit more, but that would be against my money management protocols. Anyway, credit where credit is due, my trading day was made considerably shorter and highly profitable for the tip.
As the hourly chart shows, price failed to penetrate the 1.31 mark and fall downwards to the day low of 1.30414, no doubt aided by the stronger than expected US Trade Balance figure of -$40.29 Billion against an expected -$41.00 Billion. I did not watch or trade this event having already met my targets for the day.
This release moved the EUR/USD up from around 1.30500 to a high of 1.30969. In my trading I was in and out within 23 minutes of the release and beat my target of the day significantly, although part of me wishes I'd loaded up a bit more, but that would be against my money management protocols. Anyway, credit where credit is due, my trading day was made considerably shorter and highly profitable for the tip.
As the hourly chart shows, price failed to penetrate the 1.31 mark and fall downwards to the day low of 1.30414, no doubt aided by the stronger than expected US Trade Balance figure of -$40.29 Billion against an expected -$41.00 Billion. I did not watch or trade this event having already met my targets for the day.
Spanish unemployment dropped by a staggering 98.3k vs an expected 50.2k.
Price at the time of writing has risen to 1.30736 and presenting a very thin bullish candle on the daily chart (right). It remains to be seen if price action can break out of the cloud and sustain, so trading caution ahead for the short term. If 1.31 proves to strong to break then price must fall below the cloud base to confirm a return to the overall bearish trend.
Tomorrow sees the release of Eurozone Gross Domestic Product data, and from the United States, Employment Change and ISM Non-Manufacturing PMI numbers. I may not be around for the Eurozone data (insert sad face here) but I fully intend to catch the US releases. Happy Trading!
Tomorrow sees the release of Eurozone Gross Domestic Product data, and from the United States, Employment Change and ISM Non-Manufacturing PMI numbers. I may not be around for the Eurozone data (insert sad face here) but I fully intend to catch the US releases. Happy Trading!
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