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Euro / U.S. Dollar
Short

EURUSD → How will NFP affect the pair? Down to 1.0600?

By RLinda
Updated
EURUSD is facing strong support at 1.0600. A rebound and counter-trend correction within the downtrend is forming. Traders are waiting for Friday's NFP

snapshot

Globally, the currency pair is in a bear market phase. There is a strong struggle for the 1.0700 area, especially ahead of Non Farm Payrolls, which may determine the medium-term outlook. Traders expect the NFP to be lowered to 238K, compared to the previous 303K. On the background of high news volatility, the price may test the liquidity zones above the price before continuing to fall, as the general background for the currency pair is still negative.

Resistance levels: 1.07365, 1.0800, 1.08643
Support levels: 1.0703, 1.0606

Based on the general data there is a probability to see a positive NFP for the dollar, which in general will continue to have a negative impact on the currency pair. But the problem with economic news is still that it is high uncertainty.

Regards R. Linda!
Trade active
On the background of the news the expected growth to the resistance area is formed
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A rebound from the indicated resistance is being formed. News noise is losing its potential
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The resistance area does not let the price up. Possible retest of 1.07
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The realization of the false breakdown of resistance continues. The currency pair continues to lose positions
Descending ChannelDXYEURUSDFibonacci RetracementFLATFundamental AnalysisHarmonic PatternsSupport and ResistanceTrend AnalysisTrend Line BreakZigzag
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