Traders Pause as Non-Farm Payroll Approaches
|S1: 1.1875||R1: 1.2000|
|S2: 1.1750||R2: 1.2075|
|S3: 1.1460||R3: 1.2250|
The EURO has behaved as expected in the last two trading sessions, appearing a little directionless as traders wait for the important data releases out of the US tomorrow night.
We would expect this sideways movement to continue well into the Friday session, as this pair will most likely gravitate to the key support level at 1.1750 before the news.
The 1-hour chart on the EURUSD highlights the directionless movement in the last 48 hours. The daily chart shows that price remained in a relatively tight band of around 80 pips, without any serious momentum in either direction.
The main indicators aren’t offering any clues in the shorter timeframes, which is fairly typical heading into the later stages of Non-Farm Payroll week.
All eyes will be on the data releases out of the US over the next two days and Fed Chair Yellen’s speech tonight.
US Unemployment Claims and the all-important Non-Farm Employment Change on Friday night will be the highlight, which should help traders determine the next direction for the EURO.