EUR/USD today: the pair is waiting for the US employment data

The EUR/USD pair from the beginning of the day corrected for the weakness of the dollar, which was caused by the aggravation of the US- China trade relations, which significantly relieved the oversold euro against the dollar after the US Federal Reserve meeting.

Events for today:

• 15:30 – the US employment report will be published: average hourly earnings (m/m) (July), export volume, import volume, nonfarm payrolls (July), share of the economically active population (July), private nonfarm payrolls (July), trade balance (June) and unemployment rate (July).
• 17:00 – industrial orders (m/m) (June) in the United States will be announceed.

In addition to the risks of exacerbating trade stress, the market continues to expect for the US employment report.

The EUR/USD pair is trading with strengthening on the growth of risks, being limited by downward dynamics and overbought. The pair maintains a downtrend, despite the risks, but at the same time, to a large extent, everything will depend on the US employment data. In the context of positive or restrained data on the US employment, we can expect a resumption of decline to support levels: 1.1030, 1.1000 and 1.0970. Otherwise, a test of resistance levels is possible: 1.1130, 1.1150 and 1.1180.

Read also: “What is expected from the June Federal Reserve meeting”

Hanzenko Anton

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