EURUSD: Around Critical Resistance Ahead Of Nonfarm Payrolls…
The EURUSD remains neutral with risk to the downside as long as trades below 1.1393 level on a daily closing basis. Support comes at 1.1285 level. A daily closing below that level will restore the downside momentum, and aim 1.1215 level. A halt is likely, it may test 1.1285 before attempts breaking below 1.1215. Anyway; below 1.1215 opens 1.1155, further down, support comes at 1.1080 level.
A failure to hold below 1.1285 on a daily closing basis could mean a return to 1.1393 level.
On the upside, resistance comes at 1.1393 (low of Nov 19, 2018). A daily closing above that level will open 1.1465, further upside, resistance comes at 1.1537 level.
Conclusion: The EURUSD continues to consolidate below 1.1393 level with risk to break lower…
Support:1.1285, 1.1215, 1.1155, 1.1080, 1.1000
Resistance: 1.1393, 1.1465, 1.1537, 1.1608, 1.1668
Key data/events which may affect EURUSD today:
The U.S will report on Nonfarm Payrolls for Nov at 13:30 GMT. The forecast is to decline 200K, from 250K a month earlier. The above forecast will support the U.S dollar. Below-forecast is negative for the USD.
The U.S will also report on the Unemployment Rate for Nov at 13:30 GMT. The forecast is to remains the same as the previous month 3.7%. Below-forecast will support the U.S dollar. The above forecast is negative for the USD.
How both reports (Nonfarm Payrolls & Unemployment Rate) will affect the market?!
Scenario # 1: If both reports are positive. The EURUSD will fall to 1.1285 levels at least, further down couldn’t be ruled out to 1.1215 level.
Scenario # 2: If both reports are negative, The EURUSD will continue recovering, eyes will be on 1.1465 level at least. A break will open 1.1537 level.
Scenario # 3: One report is positive and the other is negative. A sideways move is expected within 1.1285/1.1465 range.