Thursday, September 6, 2018

EUR/USD - 07 September 2018


Fundamental Highlights

The Euro, alongside most other major currencies remains stable as investors await the release of the NFP report from the U.S. The NFP report will shift the attention of investors away from the uncertainty surrounding Brexit, trade tensions between the U.S and China, emerging markets sell-off, and Italian politics. Yesterday's ADP Non-farm Employment Change printed lower than expected signaling that the Non-farm payrolls number could print lower than expected, which remains to be seen.

Technical Analysis

The pair is currently consolidating within the 1.16605 - 1.15838 range awaiting the release of the NFP report. A report filled with optimism and positivity will fuel a surge of greenback buying and allow the pair to break below the 1.15838 level paving the way for a drop towards 1.15430. If the report signals negativity, the pair will break above 1.16605 and expose the 1.17275 level.

Support: 1.15838 1.15430
Resistance: 1.16605 1.17275

Chart (H4)