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EURUSD NFP and the ECB

Well, there’s some initials for you.

So here we are just heading for the weekend.

NFP was incredibly low and resulted in EURUSD being bullish for a while, on top of a dovish European Bank Report (nice red tie!) meant the EURO managed to clamber up a little.

There are shouts on Tradingview of “Trend change” and Long John Silver.

I’m far more cautious and here’s why.

Our friend Mario from the ECB is trying to help the Euro, ofcourse he’s going to be Dovish about it if he can (despite nasty PMI data), there was a mixed bag actually of US data and ECB data. Although I think we MIGHT be looking at a trend change unless North Korea actually fire those missiles at the USA it could be short lived and return back to price. My chart (clicky) from last night shows the pattern in the downward channel. Now however, we are out of that channel bullish, but is this a temporary move or are we into another part of an Eliot wave returning the EURO (which only a few weeks ago had a big crisis), running back up and defeating the USDollar.

We shall see. But I think until after the weekend I am reserving judgement.

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