- EUR/USD broke support level
- U.S. Employment Data
Price Movement
Since yesterday, EUR/USD has been moving down for around 60pips.
Trend
EUR/USD is currently trending up.
Macro Background
The Average Hourly Earnings measures the change in the price businesses pay for labor (excluding the farming industry). It is expected to perform worse than previous month.
The Non-Farm Employment Change measures the change in the number of employed people during the previous month (excluding farming industry). It is expected to perform worse than previous month.
The Unemployment Rate measures the percentage of the total work force that is unemployed and actively seeking employment during the previous month. It is expected to perform worse than previous month.
Overall, the expectation for this month’s job report is worse than previous month. If the data released tonight (2130 SGT) is worse than expected, we may be seeing a weakening in the U.S. dollar and EUR/USD will rise.
Important Issue
None.
Technical
Yesterday, EUR/USD tested and rejected the 1.15 level. Also, it broke the 1.14781 support level.
Price Levels
Current Price: 1.14492
Next Resistance: 1.14781
Next Support: 1.14138