I placed limit buy and sell orders this morning to catch any breakout moves in the EURUSD should the NFP report be biased to any one side. These orders have a pretty tight stop, 30 pips, for the position size but if the NFP is a favorable report, I would expect the EURUSD to sell off because it looks so exhausted these days. If it’s bad, then we can expect a rise higher for sure! Usually what happens on a day like this is a yo-yo effect and I’ll probably have both orders triggered and then get stopped out! :)
In other news the AUDUSD is screaming back higher and the GBPUSD is below its recent highs. My guess is that Gold will pop higher today because of the Aussie’s strength but that remains to be seen.
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