Euro Eyeing US NFP For Next Move

* Euro is trading with a positive tone against the US dollar, and it looks like set for more gains.

* The next path may be dependent on an important release, which is lined up later today.

* The US nonfarm payrolls will be released by the US Department of Labor, which is expected to increase by 190K in Jan 2016.

* Today, the German Factory orders released by the Deutsche Bundesbank, posted a decline of 0.7% in December 2015, more than the market expected.

German Factory Orders

Today, the Factory orders, which is an indicator that includes shipments, inventories, and new and unfilled orders was released by the Deutsche Bundesbank. The market was expecting a decline of 0.5% in December 2015, compared with the preceding month. However, the result missed the mark, as the decline was higher. The Factory orders declined by 0.7% in Dec 2015.

When we consider the yearly change, the German Factory orders was expected to decline by 1.4% in December 2015, compared with Dec 2014. However, the result was again disappointing. The German Factory orders declined by 2.7%.

Overall, the report was not impressive, which ignited a minor selling pressure on the EURUSD pair.

US NFP

Today, there is a major news release coming out of the US. The nonfarm payrolls will be released by the US Department of Labor. It shows the number of new jobs created in all non-agricultural business. The market is positioned for a rise of 190K jobs in Jan 2016.

Let us see if the result matches the forecast or not. If the US NFP posts a lower reading, then the US dollar may head down moving ahead.

Technical Analysis – EURUSD

The EURUSD pair recently jumped higher and traded as high as 1.1240 where it found selling interest. And, after the German Factory orders, there was a minor downside reaction. The pair is well supported above the 1.1800 levels, which is a positive sign. As long as the EURUSD pair is above the mentioned

support area, there are chances of it trading higher. If the US NFP misses the mark, then we can see a spike in EURUSD.

Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.