ZuluTrade Blog


Market View | Friday, February 3, 2017 4:00 AM GMT

Looking ahead, today’s Non-farm Payrolls anticipate that the economy to have added 175K jobs during January and the jobless rate to remain unchanged at 4.7%. In addition, Chicago Fed C.Evans is expected to talk alongside December’s Factory Orders, Services PMI by Markit and the ISM Non-manufacturing.

Important news:

Source: ZuluTrade's Calendar

Intraday view for major pairs correlated with above events.

The pair forms a rising wedge (blue TLs) and has a descent support around 1.07 (orange area). Next important supports are 1.063 and 1.053. Major resistances are the upper TL of the wedge as well as 1.085. The trend remains bullish on H4 forming higher highs and lows. 

Likewise, the pair is in uptrend forming higher highs and lows. Currently, it is under selling pressure and heads at major support area 1.243 – 1.24. However, if price violates this zone, then we are going to have bearish bias. Next support is at 1.227.

The pair has formed a potential double bottom and retraces back. However, the trend bias remains bearish. Buyers want prices above 114 while we could have more bullish momentum above 115.4. On the other hand, sellers may consider good selling opportunities bearish rejections of the above levels. Important support is at 111.41.

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