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Good day forex trading koalas!
Ah to the forex trading koalas enjoying the long weekend of the labor day holiday, ENVY !!!
Last week, we finished the week on a high note. The US Non-Farm Payroll was better than expected and it pushed the EUR/USD up towards 1.2880+. Besides giving me a chance to shamelessly boast again, yes I LOVE IT WHEN MY CHART WORKS, i warned that the US NFP still remained negative which means that people were still losing their jobs. At an unemployment rate of close to 10%, much more needs to be done.
Looking at the EUR/USD chart above, the currency pair seems to be facing resistance on the upside. However be warned, never attempt to pick tops and bottoms!
European equities remain mostly green, suggesting positive sentiments in the market.
Oil and gold are both holding at their regions and this may be a period of consolidation for now as the markets sort their sentiments.
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The US is having a bank holiday today and as of now, the volume is probably low. A couple of Euro Zone reports i will like to highlight for today.
The first is a report by an investment fund manager that Greece still faces a possible default once the bailout expires in 3 years. Greece’s debt last year is 115.1 percent of the total output and is estimated to hit 124.9 percent end of year. We all saw how Greece’s problem bought the Euro down on it’s knees. Should this happen again, we probably need to prepare for a rough ride.
An ECB governing council member said that any plans and discussions with regard to the withdrawal of emergency measures will wait until December. While the intention was stated as to give the economy enough time to gather strength, i am worried that investors may also see this as a sign of a sluggish recovery. Sentiments may be hurt.
Something to note, President Obama is due to make a speech about the economy later and in view of the light trading volume, do be careful of unexpected spikes. Tomorrow also brings us the German Factory Orders data which will shed light about the Euro Zone economy.
Trade Safely.
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Many koalas advised me and i think it is probably right. My lack of sleep is causing my koala body to protest! Headaches, tiredness, coldness etc. I average 6 hours of sleep per day and i guess having a deficit of ( Presuming 8 hours are needed, 2hours x 365 days a year = 730 hours Which is 1 month of sleep missing a year. It is taking it’s toil !!!!! )
GTG TO SLEEP CYA 
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