Upcoming elections in the USA together with NFPs should not bring any surprise to the market. The upbeat US GDP did not impress traders. The reactions to the GDP news suggest a short-term exhastion in GBP and EUR shorts. The price of both currency retraces for the big players to load short positions before the payroll and elections releases. EUR should not exceed 1.115 resistance line and will continue a decline after the news are announced. Shorts are to be taken at 1.11 with a target at the bottom of channel of 1.07. Protective stop to be placed at 1.128 above the upper channel line
