EUR/USD today: the market is waiting for the US employment data
From the start of the day, the EUR/USD pair has been trading near weekly highs, which was previously helped by a decline in the dollar due to the aggravated risks of a slowdown in the US economy. Further strengthening of this pair remains a limited expectation of the US employment data.
Events for today:
- 15:30 – the US employment data will be released: average hourly earnings (m/m) (September), export volume, nonfarm payrolls (September), share of the economically active population (September), private nonfarm payrolls (September), trade balance (Aug) and unemployment rate (September).
- 21:00 – the speech of the Fed Chairman Mr. Powell will take place.
Today is a day full of data for the United States. In addition to the US employment report, which has a significant impact on the American dollar, it is worth to note the speech of the US Federal Reserve Chairman Powell, which can also cause a surge of volatility.
The EUR/USD pair maintains the upward trend of the current week. But amid expectations of the US employment data, the dynamics of the American dollar will be restrained and limited on Thursday’s trading range from 1.0950-30 to 1.1000-20. Further dynamics of the pair and the dollar will depend on employment data and Powell’s words. But it is also worth to note keeping a three-month downtrend for this pair. Significant resistance is located at the levels: 1.1030, 1.1060 and 1.1100, support: 1.0950, 1.0930 and 1.0900.
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Hanzenko Anton
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