Today was a momentum buy day for the EuroFX-the bottom panel of the chart shows momentum; the decline under the zero line was the buy signal. It held yesterday’s low overnight, and found a bid after the US payroll numbers.
Daily Chart of the EuroFX
Post-NFP, Euros rallied to resistance at 12900. This was an interesting point for a number of reasons: it was a 50% retracement of the past three days range, it was yesterday’s high, and 12900 was “round number” resistance. On the intraday chart, not that they rallied to the 129 area by 9 AM, then tailed off for a time. Around Noon Chicago time (Europe’s close) they rallied through that area; giving a good buying opportunity. It pays to pay attention, even late on a Friday!
30 Minute EuroFX Chart
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