Based on the consensus estimate of a lower NFP report, I think EUR/USD might experience a bullish movement tomorrow. Here's a possible scenario:
Possible Scenario
1. NFP report beats consensus: If the actual NFP figure exceeds expectations, it could lead to a USD rally, causing EUR/USD to decline.
2. NFP report meets or misses consensus: If the actual NFP figure meets or misses expectations, EUR/USD might experience a bullish movement, potentially reaching the resistance levels around 1.0350-1.0395.
3. EUR/USD breaks above resistance: If EUR/USD breaks above the resistance levels, it could lead to a further bullish movement, potentially reaching the next resistance level around 1.0440.
Key Levels to Watch
- Support levels: 1.0275, 1.0230, and 1.0190
- Resistance levels: 1.0350, 1.0395, and 1.0440
Trading Strategy
1. Buy on dips: Consider buying EUR/USD on dips around the support levels, targeting the resistance levels.
2. Sell on strength: Consider selling EUR/USD on strength around the resistance levels, targeting the support levels.
Keep in mind that this is just a possible scenario, and the market can be unpredictable. Always prioritize risk management and adjust your trading strategy according to market conditions.
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