Euro$

The above chart is a four hour candle view of the Euro$ pair. The Elliott labelling always takes a little imagination and many say that a tot or two of Jamisons helps the process along.
In my view the Euro $ is charting out a wave 4 of a wave 1 down within the c wave that I described in the last post. This means that to complete wave 1 down of c , a final w5 is required.
This should take the Euro$ down to around 1.3750.
With any luck this should start this afternoon at the payroll report and follow through on Monday. Remember w5 of 1 of c will also have 5 waves within it.
In conclusion i am calling the $ to strengthen when the dust of the NFP report settles.

This bodes well for our position in the $/Cad.

When w5 of 1 of c has run its course then a significant multiday rally in the euro$ will begin. This will be w2 of c .Lets not stress about that this afternoon.
If you have not traded the NFP before, i suggest that you observe a few before entering the battlefield with meaningful sums of cash.

Good luck with your trading