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Forex Trade Signals and Setups Mar. 8th
EURUSD – Pinbar Rejection Off Key Level
After climbing for most of the day gaining about 150pips since the London open, the EURUSD posted a price action pinbar on the 4hr chart, right a role-reversal level at 1.3288 which was the swing low on March 1st and resistance on Feb. 20th. Short term this may offer a decent short for bears at this level with tight stops above 1.3300. On the flip side, bulls can wait for a break and close above, targeting 1.3350 and then 1.3400.
On The Fundamentals
Traders should be advised with NFP tomorrow, position paring will be likely and thus since the euro was gaining on the day, this may lean more favorable for the bears on the day since the bulls will be exiting their longs.
My Big Fat Greek Debt Deal
Also on the fundamental side of things, the Greek Bond Swap Soap Opera (do they have soap operas in Greece?) continues with Reuters reporting hedge funds found a legal loophole whereby “Some hedge funds have found a legal loophole they believe will force Greece to repay some of its debt in full, three sources close to the matter said on Thursday, in a move that would intensify the standoff between the country and its debtors.” (Source reuters).
I swear, this situation has more craziness packed in it then an episode of Jersey Shore or The Osbournes. With that being said, I recommend having shorter term plays on the EUR/USD until this situation comes to a head which could be a long time, so ideally, be out of positions overnight to avoid event risk.
USDJPY – Approaches Yearly High
After posting a few pullbacks, the USDJPY is set to challenge the yearly highs again at 81.86. Pullbacks have always been limited and never more than two days of selling followed by an eventual break (albeit small) of the prior highs. Yesterday’s candle had no wick to the downside telling traders it was bought up from the open. There are plays on both sides of the market so for bears, look for a price action trigger at the aforementioned yearly highs, possibly the result of the NFP print tomorrow and targeting a pullback to 80.80, while bulls can look for a breakout-retest of the 81.86 level to quickly test 82.18 but after that 83.00.
EUR German Consumer Price Index 07:00GMT 02:00EST
CAD Net Change in Employment 12:00GMT 07:00EST
USD Change in Non-farm Payrolls 13:30GMT 08:30EST
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