EUR/USD: Euro on hold as investors with their finger on the trigger awaiting US jobs data

Vasilis Tsaprounis Independent Analyst

The single European currency is on the threshold of the 1,04 level in the early hours of Friday, awaiting the very critical data on new jobs in the United States later in the afternoon.

As the week draws to a close, the European currency has fully absorbed the negative gap from market's opening early on Monday in the wake of President Donald Trump's statements regarding the imposition of tariffs.

The change of scenery just the next day creates the suspicion that Donald Trump's presidency will be characterized by significant surprises, confusion, and possible turmoil on many levels, something that will certainly be reflected in the course of the exchange rate.

Τhe general picture of the market does not show significant differences and without any significant surprise in today's announcement, the pattern of the last few days has a high probability of remaining on the table.

The latest pattern of the last weeks most probably will remain as the base scenario fot the near future, for the European currency perhaps its not yet time to move to significantly higher levels with easily approach levels close to 1,08 and on the other hand as the exchange rate approaches the critical level of 1/1 the euro may continue to react successfully.

On today's agenda, the announcement on new jobs in the United States and the unemployment rate certainly stands out, and any surprise is expected to increase volatility, significantly changing the bets.

Without some major surprises, I will not change my mind and the desire to buy the European currency in a new strong plunge.

Author

Vasilis Tsaprounis

Independent Analyst

Vassilis Tsaprounis possesses over 25 years of professional experience in Capital Markets and especially in the foreign exchange market.

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