Took a trade today based on Non-Farm Payroll News. We entered the market two hours after news release. Entry point was around 1.45820- Took profit at 1.46262. Booked about 450 Pip.
Key to our trade: Support/Resistance broke through at 4week high, gave us entry, also EMA Cross indicated the trend direction.
EUR/USD: The dollar immediately sank in the wake of poor non-farm payrolls data that fueled concern over the state of the U.S. economy. A Dow Jones poll of economists anticipated May non-farm payrolls to have risen by 160,000 in May from a month ago but the data showed a rise of only 54,000. The U.S. currency traded off even after expectations were scaled back for the closely-watched jobs indicator in recent days. A slew of poor U.S. data and a dismal ADP Employer Services report Wednesday preceded Friday's report. Adding downward pressure on the dollar, Moody's Investors Service warned Thursday it might place the U.S. government's debt rating under review for a possible downgrade as early as next month.
