EUR/USD today: the euro is weakening in anticipation of the US data
After restrained trading on Thursday, at the opening of trading on Friday, market activity resumed. The main driver of the market movement was the strengthening of the US dollar on the expectation of an employment data in the United States. It is worth noting that the strengthening of the American dollar is not uniform in the market and carries the nature of accumulation in front of significant news.
Events for today:
- At 15:30 – the US employment report will be released: average hourly earnings (compared to the same period last year) (y/y) (June), nonfarm payrolls (June), private nonfarm payrolls (June) and unemployment rate (June).
The US employment report will be the highlight of the week. From its publication we can expect a significant increase in volatility. Because of what it is worth being extremely attentive and fixing the existing profit or correcting losses in order to avoid risks.
The EUR/USD pair has been trading lower from the start of the day, meeting expectations of a decline. At the same time, it is worth noting the preservation of the trade channel and significant support levels of 1.1260-50. Trading range before the release of the US data from 1.1290 to 1.1250 with a predominant decrease. Stronger levels, the test of which is possible on the publication of an employment data in the US, support: 1.1230, 1.1200 and 1.1180, resistance: 1.1300, 1.1330 and 1.1350.
Read also: “ZIGZAG – not simple properties of a simple indicator”
Hanzenko Anton
Earn with the help of the trade service on the news Erste News!
Topical articles of the trader’s blog:
- Cryptocurrency market continues the growth data on Libra
- OPEC + Market expects continuation of agreement to limit production
- G20 Summit – what to expect and to beware of
Current Investment ideas: