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EUR/USD Repeats Post Payrolls Reversal
Non-farm payrolls was much better than expected and hopefully you caught my instant insight on FX360.com Non-Farm Payrolls Signals Recession is Over. However what I want to point out is the consistent reversal that happens in the EUR/USD post non-farm payrolls. In my post yesterday about fading non-farm payrolls, I talked about how the knee jerk reaction in the EUR/USD should be faded because 5 out of the last 5 times, the immediate reaction in the EUR/USD was not sustained, and eventually reversed into a more substantial move that lasted for the course of the day. Take a look at the price action that we have so far: