Week: 4-8.01.2020
Key event: USD. Non-Farm Payroll
The number of new jobs created during the previous month, in all non-agricultural business. The monthly changes in payrolls can be extremely volatile, due to its high relation with economic policy decisions made by the Central Bank.
We expect a lower reading than the previous month.
Until Friday, we can expect a weakening of the USD against other currencies. It would require a positive surprising release for the USD to strengthen against other currencies.
Key Levels:
-
Resistance 1.2300, 1.2400
-
Support 1.2150, 1.2070, 1.2000
Trend EUR/USD:
Bullish
Price is testing 1.2300 resistance. Last week, the price closed with a bearish engulfing candlestick and MACD divergence.
Call to Action/Trade Idea
We will look for any opportunity to join the bullish trend. Given the divergence, we might see a retracement to support levels. From there we will look for buying opportunities.
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