EURUSD: Remains Weak And Vulnerable To The Downside!
As long as 1.1530 resistance holds on a daily closing basis, the EURUSD remains on the downside to the 1.1478 levels, a halt is likely but a cut through support would open 1.1407 levels, below 1.1407 aims the 1.1350 levels, further down, support comes at the 1.1290 levels.
On the upside, above 1.1530 sees limited gains to the 1.1590/1.1638 levels before another fall, however; above1.1638 will trigger recovery and increase the risk to the 1.1756 levels…
Conclusion: The EURUSD continues to face downside threats below 1.1530 levels…
Support: 1.1478, 1.1407, 1.1350, 1.1290
Resistance: 1.1530, 1.1590, 1.1638, 1.1756
The United States will publish 2 reports on the status of jobs over the past month, excluding the farming industry today at 12:30 GMT.
1- Nonfarm Payrolls (Sep), market analysts expect a fall to 185K, from 201K a month earlier, note that a higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.
2- Unemployment Rate (Sep), market analysts expect a fall to 3.8%, from 3.9% in the preceding month. Note that a higher than expected reading should be taken as negative/bearish for the USD, while a lower than expected reading should be taken as positive/bullish for the USD.
How both reports will affect EURUSD today?!
we have 3 scenarios:
Scenario # 1: If both reports are positive, the USD will rise, How this scenario will affect the market?!!
A lower leg below 1.1478 is likely to the 1.1407 levels, it may dip further to the 1.1350/1.1290 levels. Any spike above 1.1530 levels is a selling opportunity.
Expected range: (1.1530:1.1350)…
Scenario # 2: If both reports are negative, the USD will fall, How this scenario will affect the market?!!
The pair will challenge the 1.1530 levels, a breach is very likely to the 1.1590/1.1638 levels, beyond that level is not very easy at all, especially today!!!
Any decline towards/around 1.1472 is a buying opportunity!
Scenario # 3: One report is positive and the other is negative?!! The USD will consolidate with an upside bias, mostly the market won’t make a big move, the pair may spike above 1.1530 and return quickly to the downside, vice versa, it may dip below 1.1478 and return to the upside quickly, expected range (1.1407/1.1590)…
You can follow U.S jobs report in real time from here: