Well the numbers are in and as expected the unemployment rate held steady at 9.5%. June private sector jobs were revised much lower, to +31,000 from +83,000 previously! Total non-farm payrolls were revised lower to -221,000 in June, from -125,000 previously. All in all this was not a good sign of the times here in the U.S.
I’ve attached a photo of the trade setup that I took on the EUR/USD. Whenever trading the NFP, I always let the market choose a direction first, then wait for a retracement to begin and use my fib levels to determine my actual entry. In this case the momentum was very strong and so our retracement was very weak, only reaching the 23.6 level before taking back off again. This is the 5 min chart, my preferred chart for volatile news event trades.
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