- EUR/USD rebounds and approaches 1.0570 again.
- The dollar appears slightly offered awaiting the NFP on Friday.
- On Thursday the weekly requests for unemployment benefits in the United States will be published.
EUR/USD has advanced just over 30 pips so far on Thursday, rising from the Asian session’s daily low at 1.0538 to a European morning daily high of 1.0569.
EUR/USD cautious ahead of US NFP
EUR/USD is trading with decent gains near 1.0570 and leaving behind two consecutive daily pullbacks, including a drop to 2-month lows near 1.0520 on Wednesday.
The pair’s rally comes amid a moderate dollar pullback, which seems supported at the same time by some lack of traction in US yields, all against a backdrop of increasing caution among traders ahead of the US Nonfarm Payrolls release on Friday.
Meanwhile, firm belief in a 50 basis point rate hike by the Fed at its March meeting continues to support the recent strong rebound in the dollar, while speculation that the ECB could extend its rate hike cycle further. beyond the March meeting has so far failed to provide a lasting boost to the European currency.
No relevant data will be published in the old continent, so the focus will be on weekly unemployment claims in the United States.
EUR/USD Levels
At time of writing, the pair is up 0.13% at 1.0561. upwards, the pair will find initial resistance at 1.0600 before targeting 1.0694, where the maximums of March 6 and 7 are. a break of 1.0712 (55-day SMA) would target 1.0804 (weekly high of February 14) en route to 1.1032 (2023 high of February 2).
On the way down, the initial support stands at 1.0524 (monthly low March 8), followed by 1.0481 (2023 low of January 6) and, finally, 1.0324 (200-day SMA).
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
