You can't get much more unlucky than we did last night. Stopped about 4 points from the low before EUR/USD screamed 90 points higher running smack into our profit target. We were on the right track, but our execution came up short. I am working another long position, only 1/3 size, from the same entry price of 1.2772. Spot gold is fighting to hold the hourly trend channel at $640/oz and should it hold, which is bullish for EURUSD. Spot gold can be charted on eSignal using the symbol XAU A0-FX. Also noteworthy is EUR/USD's recent confinement in a 1.2740-1.2840 range, with 1.2780 serving as the pivot. Even with the moves by the BOE and ECB this morning, the market appears to be keying in on the two major pieces of US economic data, Non-Farm Payrolls and the FOMC for further guidance.

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

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