NFP analysis for the first Friday of the month! The expectation is for an increase of 295K with last month released at 528K (The previous month's forecast was 250K). And relatively unchanged in terms of the unemployment rate and average hourly earnings . If the data is released better than expected, the USD should strengthen.
The EURUSD has found a wide trading range of 0.99 and 1.009 as price bounces between the two levels. More specifically, Price of the EURUSD has seen volatility around the parity level.
If the DXY strengthens on the release of the news, the EURUSD could trade towards the 0.99 support level again, and might not find further downside.
However, if the DXY does show weakness from a disappointing NFP event, the EURUSD could trade towards and beyond the 1.009 level, with 1.020 a possible target level.
The EURUSD has found a wide trading range of 0.99 and 1.009 as price bounces between the two levels. More specifically, Price of the EURUSD has seen volatility around the parity level.
If the DXY strengthens on the release of the news, the EURUSD could trade towards the 0.99 support level again, and might not find further downside.
However, if the DXY does show weakness from a disappointing NFP event, the EURUSD could trade towards and beyond the 1.009 level, with 1.020 a possible target level.
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