- EUR / USD Forecast indicates continuous weakness in the dollar after poor American affairs data.
- The market focus is now switched to the US CPI report that will continue to shape the prospects for reducing feet.
- The European Central Bank will meet on Thursday.
EUR / USD Forecast indicates continuous weakness in the dollar after the monthly work report on Friday. Meanwhile, market participants slowly transfer their focus on ECB policy meeting, where policy makers can keep interest unchanged.
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Data on Friday found that the US economy added a terrible 22,000 jobs in August. Meanwhile, economists expected additional 75,000 jobs. At the same time, the unemployment rate increased from 4.2% to 4.3% as expected. Bad figures of hardened bets for the September rate and increase the probability that in the future in the future in the future.
The market focus is now switched to the US CPI report that will continue to shape the prospects for reducing feet. Soft figures will support current odds. On the other hand, hot numbers could be renovated concerns about the impact of tariffs on pricing.
Meanwhile, the European Central Bank will meet on Thursday. Merchants expect policy makers not leading rates unchanged. It will suddenly be destroyed with the Feds, which will probably be more Goodbye this month. Divergence in politics and economic prospects between the United States and the eurozone could send the euro in the coming months.
EUR / USD Key events Today
Today, market participants do not expect key economic editions. Therefore, a couple could extend the preset session.
EUR / USD Technical forecast: Bulls Punction Resistance Range
On the technical side, EUR / USD price is trying to break out of the long-term span. The bulls cause resistance to the range at 1.1720. At the same time, the price trades above the 30th, with RSI near the region with excessive offspring, suggesting bulls in lead.
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EUR / USD remained in consolidation for a long time, and the price is moving laterally and chopping through the 30ths. However, before, range, the bulls were in lead. Therefore, there is a great chance that it will break out of this range to continue by gathering.
The pause above the resistance of the range would allow the price to reset resilience level at 1,1801. On the other hand, if the bulls do not break above this level, the price will probably remain in consolidation.
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