Last Friday we had a volatile but directionless trading day. The Non-Farm Payrolls was published, as I expected inside 190K – 205K (at 192K) and the Unemployment Rate for US stood still at 6.7%, even though analysts expected a 0.1% drop.
In my first scenario I have said that a NFP release inside this range would bring a 60 pips sideways move for the EURUSD and so it did. After the publication of the US labor market indicator the price has set a high at 1.3730 and a low at 1.3672. The week has ended with no further important actions from investors.
See Friday analysis: EUR/USD Forecast And Price Action for April 4th;
Today the price has opened near last week’s closing price and the Euro managed to recover 20 pips.
This Monday the economic calendar lacks publications for EU and United States so I believe that we will have a low volatility day. From my experience I tend to think that we will not exceed 50 or 60 pips from low to high in such a day, which means there could be some good trading setups for those who have a low risk appetite and are trading on small time frames.
EUR/USD Price Action
Friday the volatility has risen right after the NFP publication, but the price did not take any direction. It has moved sideways between 1.3672 low and 1.3730 high. At this point it doesn’t look to be doing anything. The market might have taken a break before setting a direction. Important price action signals will be given when the price will break out of this range.