Jobs numbers miss

Chris L
Category:  Trade Ideas
During the trading session on Friday, the jobs number came out much lower than the anticipated 310,000 jobs added. Because of this, we have seen a bit of a “risk off” move early in the trading session, and as a result it’s likely that the move could continue, considering that the US dollar has been strengthening previously.
 
EUR/USD
 
The EUR/USD pair has tried to rally during the session on Friday, but then struggled at the 1.17 level above. We could not break above there, and have rolled over to show signs of weakness yet again. After recently breaking down below the neckline of a head and shoulders pattern, we have a target of 1.13, and after the jobs number that has not changed.

 
Trade idea: sell EUR/USD at current levels, stop loss at 1.1725, take profit at 1.13
 
GBP/USD
 
The British pound has rallied a bit during the trading session on Friday after the weaker than anticipated numbers coming out of the United States, which of course makes quite a bit of sense. Because of this, I think the market continues the overall consolidation, perhaps reaching towards the 1.3250 level above, and perhaps even breaking above that as well.
 
Trade idea: buy GBP/USD at current levels, stop loss at 1.30, take profit at 1.3250

S&P 500
 
The S&P 500 is going to be reasonably quiet during the day, but the one thing that I find interesting is that the futures market did not roll over. Because of this, I think we are simply going to grind sideways overall, and give us an opportunity to build up enough momentum to go higher.
 
Trade idea: go long S&P 500 at current levels, stop loss at 2570, take profit at 2600.
 
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