A breakout in play ?

The labor day for the major markets today including France, Germany, Italy and United Kingdom shows a quiet day in play for the forex market until the New York Session where work is as usual. The anticipated news of the Personal Income and Personal Spending for the month of March showed highly unexpected rises of 0.8% and 0.6% respectively. It's consensus for both is only at 0.4% The market did not show much reaction to the data until the release of the ISM Manufacturing and ISM Prices Paid for April, where again showed another US positive data of 60.4% and 71.5% respectively. The consensus was at only 55.1% for ISM Manufacturing and 67.0% for ISM prices.

The effect of the all-positive data for the greenback showed response as the market moved pushed EUR/USD from the day-high of 1.2686 all-south reaching 1.2596 low in 3 hours. Could this be a breakout for the EUR/USD pair after rallying for 7 days? It's reported that an indication of bullish USD will be :

1. Strong Personal Income Reports
2. Price of oil < $ 70
3. Non-farm Payroll Exceeding 200K

This week will not be an easy week as the previous week with crucial data releases for both Euro and USD. However I've prepared my trades for both ways, EUR/USD & USD/CHF.


Account: Oanda

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Existing Trades
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Long EUR/USD @ 1.2610

Long EUR/USD @ 1.2660

Long USD/CHF @ 1.2380

Account: FXCM

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Existing Trades
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Long EUR/USD @ 1.2650
TP @ 1.2680
10 lots.

With the ECB still seeking to raise the interest rates more than the Federal Reserve, I still see EUR/USD will continue to gain reaching a high of 1.3000 . Only a matter of time...