BNP Paribas: Sell EUR/USD ahead of NFP

  • We recommend taking advantage of the recent rally in EURUSD to add new short positions.
  • We expect a strong reading on Friday’s US employment report, which should fuel appetite to rebuild dollar longs. Eurozone investor flows should also continue to underpin EUR short positions.
  • We recommend selling EURUSD at 1.1200, targeting a move down to 1.04 with a 1.1390 stop.

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