European-U.K. session may tell what market thinks

As I post yesterday, I bought EUR/USD @1.3170 which was U.K-U.S. session's low. After that, EUR/USD ever tried to test 1.3140 when U.K. session was over but failed. The current rate is 1.3190.

No profit taking for yesterday. I suspect if there will be a profit taking in today's European-U.K. session. Although EUR/USD still hold 1.3140 for now, I admit that I originally thought there should have been an profit taking upward move for EUR/USD in yesterday's U.S. session since it had already fallen for 6 days and NFP would come out within 24 hours. Yes, in my previous post I ever declared a good NFP # should not benefit dollar bulls too much. But now I doubt a bad NFP # should not benefit dollar bears too much either. Anyway, the market behavior tells the market sentiment. So EUR/USD does possible continue to fall after a brief spike high as the aftermath of a bad NFP #. The reason is quite simpe, otherwise we should have already seen a profit taking for EUR/USD.

I read an article yesterday from WSJ Chinese version (still free). One fx trader said the key to conclude whether U.S. current account deficit is still a usable execuse in 2005 for long-term dollar bears would be what market behaves in U.S. trade balance data release (Nov, 2004), on Jan 12, Wed. I agree with that. I make an analogy, what market will respond to NFP # today is based upon how it behaves before U.S. session.

1. If EUR/USD breaks through 1.3215 before 13:00 GMT, I will hold yesterday's position and lift its s/l order to breakeven; Besides, I will place an buy stop entry order at an appropriate level beyond the current rate at that time with an s/l order for it 20 pips below; If a good NFP # release, I will close yesterday's position as soon as possible and cancel the new buy stop entry order, then wait and see what will happen;
2. If EUR/USD is in range trading between 1.3215 and 1.3140, I will close yesterday's position no matter whether it is in profit or loss; Then wait for data, good to buy and bad to sell;
3. If EUR/USD breaches 1.3130 (which may induce stop loss selling below 1.3140), my yesterday's position will be stopped out automatically; I will place an sell stop entry order at an appropriate level below the current rate at 13:00 GMT with an s/l order for it 20 pips above; If a bad NFP # release, I will rush into market to buy EUR/USD but be very cautious to any possible new dollar buying by the underlying force which has bought dollar for 6 days and be ready to close that new-build position at any moment; Unless I see heavy selling of EUR/USD after that, I will not follow it.