Trading Euro on US Non Farm Payroll

Dollar is trading stronger against all major currencies and market eyes US Non Farm Payroll data today.

•  Fed Chairman Janet Yellen said on Wednesday during testimony before financial services committee that "If Economy continue to grow at a pace that's sufficient to generate further improvements in the labor market and to return inflation to our 2% target over the medium term, then our statement indicates that December would be a live possibility"
   
• US Fed fund futures used by traders and investor to place bets on Central policy shows that 58% chance of rate hike by Fed in Dec policy meeting.
   
• Economists expect payrolls to exceed 200k this month compared to 142k previous month as service sector grew at the second strongest pace since 2005.

Trading using Non Farm Payroll:

If Non Farm Payroll comes above 200k - Short EUR/USD below 1.0850 for the TP 1.0740/1.0700/1.0650 with SL around 1.0910.

If NFP comes slightly weaker than expected that is below 142k (previous month data) - Long above 1.0900 (yesterday high) for the TP of 1.100 with SL around 1.0850.