By JustMarkets
The EUR/USD currency pairing
- Prev Open: 1.0602
- Prev Close: 1.0521
- % Chg. for the Last Day: -0.77%
The US will release a crucial report on NonfarmPayroll today. Analysts forecast that the data will show a number of 200,000 jobs, and the unemployment rate will remain unchanged. Such data may return strength to the dollar index, as a robust labor market gives the US Federal Reserve more room to act, including bringing the interest rate to the desired level in 2 meetings instead of 3. A decline in labor market data would, however, indicate that the US Fed will act less aggressively, which would be a negative for the dollar.
- Support levels: 1.0514, 1.0528, 1.0483, 1.0361, 1.0332, 1.0284
- Resistance levels: 1.0574, 1.0589, 1.0650, 1.0695
On the hourly frame, the EUR/USD currency pairing trend is still bullish. The price is trading below the moving averages but above the change of priority, which is a support level of 1.0514. The MACD indicator, although in the negative area, indicates a divergence. This limits the potential for further falls. These market conditions are the best time to buy trades.
