The Non-Farm Payroll came out 120K, badly missing the 209K forecast. This caused risk aversion, which normally gives USD strength. However, this release brings in the conflicting factor that stimulus might be needed (reversing the expectation the FOMC meeting minutes laid out on Wednesday 4/4). Therefore, the market sees the risk aversion more purely in the Japanese Yen. But for the EUR/USD, we see a sharp rally from 1.3045 to 1.3109 in the first 15-minute-reaction to the NFP. Can this extend? Looking at the 15-min chart, are seeing a throwback. If the market breaks below 1.3070 (61.8% retracement), the at least ... (full story)