Home Market The Analytical Overview for the Main Currency Pairs in 2023.01.06

The Analytical Overview for the Main Currency Pairs in 2023.01.06


By JustMarkets

The EUR/USD currency pairing

Technical indicators for the currency pair
  • 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.

Trading tips
  • 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.

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