Clive Lambert of FuturesTechs explains why he is trading EURUSD.

The rally we’ve seen from the early January low has formed a “Rising Wedge” consolidation pattern and the chart says that a break of the bottom line of this pattern triggers a sell signal, says Lambert.

Lambert is selling EURUSD at around 1.0770 and/or a break below 1.0732, with a stop to be placed above yesterday’s 1.0828. His targets is 1.0620, 1.0530 and 1.0350, the latter being the January low.

The looming release of today’s US nonfarm payrolls report is a big problem for any technical trade and something we need to be mindful of, he adds.

Lambert explains the background to a selected trade every Friday on Trading Floor.