Tomorrow’s Friday’s Non-Farm Payroll (NFP) countdown has started with yesterday’s ADP (Automatic Data Processing) Non-Farm Employment Change release at 8:15am EST. Most people regard this as the main starting point to the congestion which always happens as traders across the globe lay in wait for the NFP result. Identifying the range of the squeeze across the lower timeframes such as the M5, M15, M30, H1 charts is a useful method in trying to determine the market sentiment prior to 8:30am EST tomorrow morning.
The Greek Austerity plan could be a factor in this congestion. The Greek Austerity plan is the wildcard. With reports that Germany is kind of luke-warmish to this (saying they welcome it but still not interested in any bailout), it may well keep the EUR/USD within a particular range and not let prices breakout much higher as positive news of a bailout for Greece was widely expected to create. The highs of the range are probably also indicative of the positive discounting of good news out of Europe. The price to watch will be the range high at 1.3735.