Yesterday, My daughter gave birth to 2 beautiful babies. They are 5 weeks early but doing well. Thank you God for these precious gifts. Nice to be a grandad finally. They will be in a neo natal unit for the next three weeks.
REMEMBER: THIS IS BIG PICTURE ONLY - NOT INTRADAY! Please NOTE!!!! This is an opinion only! HOLIDAY IN THE USA Monday!
CLICK ON IMAGES TO ENLARGE
WHAT ProAct Traders SEE: We have continued to march northward as the Euro continues to strengthen – we have stalled at the resistance at 1.2579 and completed an abc wave so are due for a correction. Looking for a move to the 1.2300 area and then we shall see if the uptrend has any real legs.
Non Farm Payroll came in at 125K vs. a forecast of 106K which currently has boasted the Euro. The former top was at 1.2669 - will expect seller to be there. Could stop at the .270 fib extension though at 1.2635. Further upside target is the .750 fib extension @ 1,2742.
The EURUSD has broken the .786 retracement AFTER breaking out of the downtrend line. Should see a pullback since the last move is unsustainable and then the target is the R5 @ 1.2528. Watch the 1.2500 EVEN NUMBER AREA!
Ozzie broke to the S5 0.8469 yesterday and bounced. The failure to retrace to the 0.382 and return to the bottom holds out the bearish sentiment. Looking for the Cross to consolidate since we have Non Farm Payroll this week. However, a break of the S5 targets the .270 fib extension @ 0.8384.
The EJ has followed through to the 1.270 fib extension from the first leg. Currently we are building a bear flag so will look for more follow through back to the 1.270 and then the S5 target at 107.13.
The USDCAD has corrected to 1.0430 equaul to the downtrend. Typically the third test holds and we could see a swift retracement back to 1.0286 ( 50% retracement and S3). A break north would target the R5 and the .270 fib EXTENSION.
The EURUSD took out our top yesterday and has corrected since then. It is at the decision point - bounce on the trend line and keep the up move in place. If so, I would expect some consolidation before the move to the 1.2600. The bearish scenario is a break of the trendline and a move back to the 1.2274.