US Employment Data On Tap

The EUR/USD pair consolidated and moved little overnight as the market prepared for employment data. The consensense for the non farm payroll number is 125,000.  We think anything less than that will give the bulls the excuse to continue the push above 1.2800 and test resistance at 1.2830.

The pair dipped slightly after the Eurozone announcement, but we expect the battle between bulls and bears to be decided following the release of the US data. Bears still look for a correction to 1.2660, so we will look to play this event with the Institutional Forex System.