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Yesterday big move came after major Central Banks joined hands to provide quick emergency loans to banks around the world, mainly to European banks.

Since the big move yesterday market has been relatively slow and had moved sideways. Today we are likely to see continuation of bullish momentum, however NFP is around the corner and market is likely to move sideways.

Earlier on Monday we looked at EURUSD Weekly chart and predicted an upside movement. Here is the chart at the beginning of the week.

Keeping in mind big economic numbers due out today and tomorrow, I suggest to exercise caution and avoid any unnecessary trades.

Market continues to move sideways for the second day. Given that NFP is due on Friday we should see some movement today and tomorrow.

Let’s quickly look at EURUSD daily chart:

Daily Forex Signals (click to enlarge)

On the daily chart price did reach the upper Trendline as we discussed on Monday and since then has pulled back inside. Today market is looking slightly bearish and may look to close the gap which occurred when market opened this week.

Two important news items are due today, ADP Non-Farm Employment Change and Pending Home Sales, both from US.

Forex Trading Signal : Look for shorts until 1.3250, if the momentum is strong we may see price reaching 1.3200 as well. Both these areas are also good for aggressive long trades. At 1.3200 price will test weekly Trendline and it would be an ideal place for long opportunities.