Investors and traders are waiting for a breakthrough on phase one trade deal between United States and China.
On Monday, the U.S. saw a decline in ISM Manufacturing PMI 48.1, on Wednesday ADP Non-farm Employment was reported at 67K instead of 140K forecast and ISM Non-Manufacturing Employment also declined 53.9. Yesterday, U.S. Initial Jobless Claims statistics were better than expected at 203K. To end the week, today we have the release of Nonfarm Payrolls and Unemployment rate at 12:30pm GMT .
There are mixed signals, for example on Monday ISM Non-Manufacturing Employment showed an increase. Non-Farm Payrolls are forecasted to show an increase in employment of 186K, although job increase is expected it is not clear if the employment grew this substantially. If we have a reading closer to 160K or below, this may trigger sell off for the USD.
Indicators: 9EMA crossed 50 up, Histogram is growing, pointing up, within range 60, bias , yesterday the price used the top of and base line as support.
Resistance: R1 1.11285, R2 1.11660, R3 1.12
Support: S1 38.2% Fibo 1.10648, S2 50% Fibo 1.10293, S3 1.10