7 May 2015
US NFP might show a below consensus gain, long EUR/USD – Growth Aces
FXStreet (Barcelona) - The Growth Aces Research Team maintains their bullish outlook, targeting 1.1450 levels, and note that the disappointing ADP employment survey remains supportive for a below consensus US NFP print.
Key Quotes
“The EUR/USD opened Asia at 1.1348 after strong rises yesterday. The rate reached the target of our long position. Investors are now focused on Friday’s U.S. non-farm payrolls (12:30 GMT). The ADP National Employment Report showed private employers added 169k jobs last month, the fewest since January 2014 and far below market expectations for a 200k gain. March's private payrolls were revised down to an increase of 175k jobs from the previously reported 189k.”
“Weak ADP data suggests that Friday’s non-farm payroll figures may be below market consensus for a 224k. The unemployment rate is seen moving to 5.4% from 5.5%.”
“We took profit on our long EUR/USD position (1.1150-1.1350) yesterday. Our strategy is to get long again and we have placed our buy offer at 1.1235. Prices closed above the previously broken 76.4% fibo at 1.1280 which opens the way for a full retracement to the 1.1534, high on February 3.”
“However, tomorrow’s U.S. non-farm payrolls will be of key importance. Slightly weaker reading has been already priced in after low ADP employment data. That is why we need stronger NFP disappointment to push the EUR/USD higher tomorrow.”
“Resistance: 1.1391 (session high May 7), 1.1450 (high Feb 19), 1.1486 (high Feb 6)”
“Support: 1.1325 (hourly low May 7), 1.1250 (100-dma), 1.1175 (low May 6)”
“EUR/USD: buy at 1.1235, if filled - target 1.1450, stop-loss 1.1135, risk factor **”
Key Quotes
“The EUR/USD opened Asia at 1.1348 after strong rises yesterday. The rate reached the target of our long position. Investors are now focused on Friday’s U.S. non-farm payrolls (12:30 GMT). The ADP National Employment Report showed private employers added 169k jobs last month, the fewest since January 2014 and far below market expectations for a 200k gain. March's private payrolls were revised down to an increase of 175k jobs from the previously reported 189k.”
“Weak ADP data suggests that Friday’s non-farm payroll figures may be below market consensus for a 224k. The unemployment rate is seen moving to 5.4% from 5.5%.”
“We took profit on our long EUR/USD position (1.1150-1.1350) yesterday. Our strategy is to get long again and we have placed our buy offer at 1.1235. Prices closed above the previously broken 76.4% fibo at 1.1280 which opens the way for a full retracement to the 1.1534, high on February 3.”
“However, tomorrow’s U.S. non-farm payrolls will be of key importance. Slightly weaker reading has been already priced in after low ADP employment data. That is why we need stronger NFP disappointment to push the EUR/USD higher tomorrow.”
“Resistance: 1.1391 (session high May 7), 1.1450 (high Feb 19), 1.1486 (high Feb 6)”
“Support: 1.1325 (hourly low May 7), 1.1250 (100-dma), 1.1175 (low May 6)”
“EUR/USD: buy at 1.1235, if filled - target 1.1450, stop-loss 1.1135, risk factor **”