The pair eur/usd is both a measure of the economic strength of Europe and the United States put together.
It is the most traded pair worldwide with its close rivals being gbp/usd and usd/jpy.
It requires the advice of a trained fundamental analyst to make proper trade decisions on whether to buy or sell eur/usd prior to the essential US NFP news release.
As we all know, the Nonfarm Payroll accounts for almost 85% of the workers who produce the entire Gross Domestic Product of the United States. It is reported on every first Friday of each month.
It helps to assist economist and Government agencies on the possible measures to take to strengthen the US economy.
Sincerely speaking, you should not trade during NFP release unless you know that your technical or fundamental method of trading is sound and you’re pretty sure of the market directions within those periods.
Prior to the last Nonfarm Payroll news release, we witnessed a lot of volatility for the eur/usd pair with both bulls and bears making money. But as the time for the release draw near, only one side will be favored. This is one of the reasons you should stop trading at least 5 hours before the news.
Beginners in forex trading should not even attempt to trade during this period because it can really be disastrous for your live account.
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Most times, the NFP is released together with the unemployment rate and both have high impact on the movements of the pair.
If you’re not sound with fundamental analysis of the United States economic status, it’s not advised that you trade during those periods.
Instead, seek for the help of other professional analysts who has been in the market for years and are capable of predicting the values of the NFP, unemployment rates and how it can affect the direction of the pair.
I don’t know of other analysts but i have been using the recommendations of Liteforex analysts to trade during such periods and the result has been fantastic.
Prior to the release, they publish their fundamental news of the day stating their suggested entry and exit points with the key levels as well as pivot points. This will guide you on when and how to enter your trades during the news.
For instance, the last NFP release was on 6th June 2014. They released their news for the day which can be found here. If you had followed the instructions on that article, you would have made profit because both the entry and exit points were met within the specified time frame.
Also, if you don’t have a forex broker yet, try liteforex because they have one of the competitive spreads in the market with fast deposits and withdrawals.
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