Currency Trading: DailyFX

The Euro extended its three day advance against the U.S. dollar ahead of the highly anticipated nonfarm payrolls report from the world’s largest economy. Indeed, we may see whipsaw price action ahead of the report as the currency market looks for direction. Market participants should not rule out a less than usual reaction to the release as some traders are offline going into the holiday weekend.

There is not a lot to talk about ahead of the European open, with the markets locked in some tight consolidation over the past several hours and seemingly content on waiting for the big release later today in the form of US non-farm payrolls.

There is not a lot to talk about ahead of the European open, with the markets locked in some tight consolidation over the past several hours and seemingly content on waiting for the big release later today in the form of US non-farm payrolls.

All financial assets will look to the U.S. nonfarm payrolls data on Friday for directional guidance. With prices already up significantly after a huge two-day rally, traders may opt to take profits regardless of what the figures show.