EUR/USD today: the pair is recovering after decline
A EUR/USD pair on Friday trades demonstrates a moderate strengthening on the correction. Mainly due to a decrease in the US dollar, which corrects the position before the US jobs report. At the same time, the euro remains under moderate pressure against most competitors and under noticeable pressure against safe currencies.
Events for today:
- 15:30 – an employment dara in the United States will be published: average hourly earnings (m/m) (Feb), average hourly earnings (compared to the same period last year) (y/y) (Feb), housing starts (m/m) (January), building permits (January), housing starts (January), nonfarm payrolls (Feb), participation rate (February), private nonfarm payrolls (Feb) and unemployment rate (Feb).
- 20:00 – the number of Baker Hughes oil rigs in the USA will be released.
The main event of the day will be jobs report in the United States, on which the dynamics of the American currency will also depend largely.
A modest upward movement to resistance levels: 1.1230 and 1.1250 is expected from the EUR/USD pair while waiting for the US data and technical correction of positions after yesterday’s decline in the euro. Further dynamics of this pair will fully depend on employment data in the United States. It is worth noting a significant overbought of the dollar, in which weak US data will cause a significant sale of the dollar. Significant resistance levels are: 1.1250, 1.1290 and 1.1330, support: 1.1170, 1.1150 and 1.1130.
Read also: “Emerging markets and their prospects: Russian ruble (RUB)”
Hanzenko Anton
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