Friday 3 February Daily Forex trading tips: NFP Day


Last day of the week Friday 3 February Daily Forex trading tips, ahead of USA Non Farm Payroll data later today. What can  markets expect UK Service PMI. NFP expected to show a strong labour market. GBP bearish?

February 3, AtoZForex – Brief outlook at today’s Daily Forex trading tips.  On the economic calendar today there are six (6) remaining high impact data news events. There are no (0) high impact news non-data based events remaining. Will traders be bearish on USD?

@9:30am GMTUK Services PMI (F-55.8; P-56.2)

@1:30pm GMTUSA Average Hourly earnings m/m (F-0.3%; P-0.4%)

                                USA Non Farm Employment change, (F-170k; P-156k)

                                – USA Unemployment rate, (F-4.7%; P-4.7%)

@3:00pm GMT – USA ISM Non-Manufacturing claims, (F-57.0; P-57.2)

Friday 3 February Daily Forex trading tips

AtoZforex Hint: Do not trade on a single news event, look at the total picture when news releases are at similar times. 

 # 1 EURUSD – Friday 3 February Daily Forex trading tips

Fundamentals –  Focus remains on ECB, Brexit and elections in Europe.

Economic side   Remains US dollar driven, any news from the USA will impact the EUR. There are no high impact news from Europe today.

Technicals Intraday (H1 chart) – Currently, price is trading between the hourly 20sma and 100sma,  with 20sma sloping down and 100sma sloping up. The 20sma is above the 100sma . MACD histogram and signal line are in negative territory and RSI is in the sell zone. Yesterday price re-tested the 10% Fibonacci retracement zone at 1.08144 and moved sharply downwards to 1.07553, before respecting the 100sma in confluence with the 23.6% Fibonacci retracement zone at 1.07553.  A clear break above the 1.0825-30 level will see a move to 1.0875 resistance level.

Friday 3 February Daily Forex trading tips: NFP Day Daily Forex Trading Tips for EURUSD H1 (click to zoom in)

There is a strong resistance zone between 1.0860 to 1.0875. On the down side,  a clear break below 1.0730 level would indicate further bearish move.

Fx  order triggered – BUY LIMIT @ 1.0752; SL @ 40pips; TP@ 60pips 

(Long term Fx pending order – SELL LIMIT @ 1.0855; SL @ 1.09211; TP@ 1.0768)

Please use correct risk and money management in line with your account size and draw down plan. These are not recommendations, you must carry out your own due diligence. 

AtoZ Forex Daily Free Forex Signals

#2 GBPUSD – Friday 3 February Daily Forex trading tips

Fundamentals –  Brexit negotiations still main driver for the GBP and will remain so for the next two years. UK Parliament ratifies go ahead of Brexit plan to UK Government.

Economic side- See above listed events. 

Technicals Intraday (H1 chart) – Currently, we have price just above the 38.2% Fibonacci zone at 1.2530 level. The hourly 20sma and 100sma are both sloping down, with the 20sma below the 100sma.  MACD histogram and signal line are in bearish territory. RSI just moved into the neutral zone.  The 1.2565-60 was taken out easily yesterday as price dropped to 1.2530 major support level at the 38.2% Fibonacci retracement zone.  Our bias is leaning on the bearish side on the hourly chart, if we see a close or clear break below 1.2505, expect further downward move to initially 1.2100 and then 1.2300 levels.  A clear break below the 1.2465-00 level will see a move towards the 1.2410-00 level near the 50% Fibonaaci zone at 1.2401. If price break below 1.2385-00 level, we can expect further bearish extension towards the 1.2275-70 level near the 61.8% Fibonacci retracement zone.

Current view

Price unexpectedly dropped yesterday after touching a high of 1.2705 and our bullish outlook was incorrect. On the bearish side with a clear break below 1.2505. However, I am expecting price to respect the 1.2530 once more towards the bullish side.

Friday 3 February Daily Forex trading tips: NFP Day Daily Forex Trading Tips for GBPUSD H1 (click to zoom in) 

CT trade CANCELLED;  Fx pending order : SELL LIMIT @ 1.2817; SL @ 40pips; TP1 @ 60pips;

Fx order TRIGGERED and hit SL: BUY LIMIT @ 1.2568; SL @ 40pips; TP1 @ 60pips;

 Fx  order  Playing out: BUY LIMIT @ 1.2530; SL @ 40pips; TP1 @ 60pips; 

Please use correct risk and money management in line with your account size and draw down plan. These are not recommendations, you must carry out your own due diligence. 

Think we missed something? Let us know in the comments section below.

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