EUR/USD Forecast: levels to watch with the NFP


The EUR/USD pair advanced some this Friday, up to 1.1160 so far in the European morning, limited ahead of the release of the US Nonfarm Payroll monthly report. 



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The pair sunk to its lowest in two weeks on Thursday of 1.1086, on the back of an ultra dovish ECB that pledged to extend stimulus and recon that inflation and growth may remain subdue by downgrading its forecasts.

But investors' attention is now focused on the US employment data, which can revive speculation the FED is going to raise rates in its upcoming meeting next September 17th. The US government is expected to report in a couple of hours that the economy  has added 223,000  new jobs in August and that the unemployment rate ticked down to 5.2%, which will be then at a fresh 7-year low. 

View live chart of the EUR/USD

If such is the case, the EUR/USD pair may accelerate its decline, with a break below 1.1050 confirming the bearish continuation towards the 1.0980/1.1000 region. Below 1.0970 stops can be triggered and the sell-off extend down to 1.0920 before the week is over.

If however, the readings miss expectations, the pair may recover ground, with a quick advance up to 1.1200 on fresh daily highs. Above this last figure, the rally can extend up to 1.1240/60, particularly if the risk-off mode seen in Asia extends into the American session.


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