The EUR/USD pair initially fell during the session on Friday as the nonfarm payroll came out much higher than anticipated. However, we get a significant bounce of the 1.38 handle, and formed a massive hammer. We believe that a break above the top of the shooting star from the Thursday session is a buy signal, but are very cognizant of the fact that the ECB is not what the Euro to go above the 1.40 level. With that, we expect to see a lot of choppiness in the near-term. Ultimately though, we are still within the consolidation area that we have been trading in for 3 weeks.
