ForexSpirit

Monthly US monthly employment data caused another dip in EUR/USD.  Even though the major banks don’t place much importance on this employment data any more, due to the ease with which it is manipulated by government agencies, it still plays a role in the market place.

Forex Forum and Calendar from Forex Factory

Of the employment data that is released, consider the average hourly earnings to be the most important figure here.

Dip of about another 100 pips provides us with another buying region, as we reach the border between Q1 and Q2.

EUR-USD chart

Price was ranged for most of the day after the data releases.  Another two lot entry was made at 1.2110.  Prices edged slightly lower at the end of the day going into the weekend.

I now have three entries that has resulted in some cost averaging as prices dropped over the last couple of days.

Today’s Innerworth newsletter contains an appropriate nugget of advice: “stay calm, try your best, and accept where the markets take you”.  See the markets for what they are and not what I want them to be.

Plan

If prices descend into Q1 and the short term dollar strength looks like seeping into the medium term then I will need to at least close out my Q3 entry, and potentially my Q2 one as well.  Those will be the steps needed to preserve my capital.