Could EUR/USD drop to the 1.0630 level?

AAATrade Team AAATrade

EUR/USD

Looking at EURUSD’s chart, we can see that the FX pair has dropped from its peak, above the level of $1.10, which was supported by the coolest rate hike increase and Powel’s speech on Wednesday, to the current rate of around $1.0730 which is supported by the decrease of announced unemployment rate and nonfarm payrolls of Friday.

Today, if it manages to hold above its support level of around $1.0720-1.0730, we should expect it to rise towards its resistance level at around $1.08, otherwise it could drop towards its next support level at around $1.0630.

Author

AAATrade Team

AAATrade

The AAATrade Team has extensive experience in content writing for the financial industry. Stelios Nikolaou is the lead writer of the team, he currently works at AAATrade to provide research and content writing services.

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