EUR/USD today: the pair is preparing for NFP
At the trades on Thursday, the pair EUR/USD tested resistance 1.1680 based on the data about the publication of the Trump’s tax reform, which met expectations on the forecast https://esterholdings.com/en/2017/11/02/eur-usd -segodnya-para-prodolzhaet-konsolidirovatsya /. Despite, the data on the United States, the trade channel stood up.
Events for today:
- 14:30 – Publication of the employment data on the US.
- 15:45 – Announcement of data on business activity in the US.
- 16:00 – A news block on the US: the volume of industrial orders in the US (m/m) and the index of employment in the non-manufacturing sector (ISM) in the US.
The market is focused on the employment data in the US. The EUR/USD pair has been preparing for this the day almost all week. Therefore, today it is worth to be extremely cautious. Expectations for the NFP https://esterholdings.com/en/2017/11/02/ozhidaniya-ot-zavtrashnego-otchyota-po-zanyatosti-v-ssha/.
Given the importance of upcoming data and their uncertainty, the dynamics of the pair and the dollar as a whole will depend on the NFP data. For today, there is no clear forecast. The fixing of the price above zone 1.1680-1.1700 will cancel expectations for work out of the head and shoulders figure on D1 and will open the way to 1.1750-70. The exit of the price from the channel downwards and consolidation of the pair below 1.1600 will open the way for sellers to 1.1570-50 and 1.1510.
Hanzenko Anton