What a volatile, whipsawing, roller coaster of a day. I traded three currency pairs, came away slightly positive on the session, but down overall from the USD/CAD trade for the last 24 hours. However, a bigger opportunity was missed in EUR/USD at a level we spoke about Tuesday of this week. The 216 point wave W projected the end of wave Y at 1.3392. Today's low was 1.3393, following NFP. Unfortunately, our levels were slightly lower, around 1.3375, to get long EUR/USD. The analysis and idea was there, but the execution was off. Regardless, the market spoke loud and clear that it wants no part of 1.3400 for the near future. Next week, we will be looking to setup dollar shorts here as the opportunities present themselves. Enjoy the weekend.



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

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