EUR/USD today: the pair is waiting for data on employment in the US
At trades on Thursday, the pair EUR/USD continued its decline, confirming a downtrend and expectations for the pair. The pressure on the euro was driven by the downward movement of the cross-rate EUR/GBP and the growing optimism on the US currency. As a result, this pair is trading near the lows of three weeks.
Events for today:
- 15:00 – release of an estimate of GDP growth in the UK by NIESR.
- 15:30 – announcement of the US employment report: average hourly wage in the US (m/m), change in the number of non-farm workers in the US, the proportion of the economically active population in the US, changes in the number of people in the private non-agricultural sector of the United States, and unemployment rate in the USA.
The market is mainly focused on the publication of the report on employment in the US and the growth in the number of jobs, on which the dynamics of the market will largely depend.
After almost a week’s decline, the pair EUR/USD remains in noticeable oversold, while not having a clear relation to global trends. It is too early to talk about the end of the downward movement. Levels of resistance: 1.1800-20 and 1.1850-60, support: 1.1700-1.1680 and 1.1650-30.
Fig. EUR/USD. The current price is 1.1740.
Hanzenko Anton