I was filled on a EUR/USD long trade at 1.2781 and scalped them out on approach of 1.2800. This was done mainly to build an equity cushion to allow for a slightly larger stop for tonight's trade setup. We're re-bidding EUR/USD at 1.2775 with 1.2745 stops for the anticipated move to 1.2830. Trading could get choppy in next few days ahead of the ECB and Non-Farm Payrolls, as well as some daily price action that is keeping USD supported. USD/CHF is struggling with this significant uptrend support. If broken, however, look for dollar selling to intensify.

If you're short EUR/JPY from last night, look to exit the trade at the first opportunity for a 30-40 point gain. USD/JPY is telling us that the 114.00-114.40 level will be one tough nut to crack and EUR/USD is setting up for a nice one to the upside.

The inset daily shows downtrend resistance that was broken at 1.2780, which has now turned to serve as support. The 15-minute chart shows a pretty symmetrical pullback targeted to end on the former daily trend resistance turned support at 1.2770. Look to get long EUR/USD between 1.2770 and 1.2785 with stops just below 1.2750. Look to exit a partial position on a retest of the 1.2835 highs.

Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

Disclaimer
The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.