From now on,every few day i will post my trading strategis for trading forex. My strategy specialized for trading euoro/us.
At this time bro,The Dollar was largely unchanged against the Euro and Yen in Friday’s London and New York session. The greenback finished lower versus the high yielding currencies. US non-farm payrolls were in line with market expectations. They posted at 210k in November following weakness in September and October on the back of the US hurricanes. The bounce back confirms the underlying strength of the US labour market. The unemployment rate was steady at 5%. Fed Chairman Greenspan was upbeat on economic growth in a speech on Friday, although Fed Yellen reminded the markets that the FOMC intends to change the language of the FOMC statement. The US ISM non-manufacturing index is released later today in the States. The market expects a small fall in November to 59.3. At this level it would remain well above the crucial 50 level which indicates expansion in the sector.
The Euro traded in a range of 1.1663 to 1.1748, before settling near 1.1710 at New York close. ECB President Trichet defended last week’s rate rise indicating that households want price stability. Politicians in the Euroland group have been quick to indicate that the ECB is stifling growth. Euroland ministers at the G7 meeting still show extreme reluctance to tolerate any moves to significant labour or goods market deregulation that would lift growth. In the Eurozone the PMI services is released later today. This has established itself in healthy expansion territory recently and little change in that position is forecast.
Okay,here is my trading strategies,First support is the Nov 28 reaction low at 1.1683. A break this opens the door for 1.1588 (38.2% retracement of the massive 0.8232 to 1.3663 rally). Any near-term recoveries will struggle at 1.1801 (top of congestion from Tuesday) to 1.1812 (61.8% retracement since Monday''s 1.1903 high) resistance zone. Base on your experience bro,take your decision.