EUR/USD: Further upside still in play ahead of NFP?

USD, USTs unimpressed by the tax bill details.
Weekly highs at 1.1687 back on sight?
US payrolls in the spotlight.

Dhwani Mehta FXStreet

After hitting fresh one-week highs at 1.1687 yesterday, the EUR/USD pair consolidated the gains in Asia, as the bulls take a breather and await the US payroll data for fresh direction.

EUR/USD looks to regain 1.17 handle

The spot is seen trying hard to extend the bid tone in another attempt to re-test weekly highs, as the technical set up on the daily sticks continue to remain supportive of further upside. The main currency pair is on a gradual recovery path from the ECB dovish taper decision induced three-month lows of 1.1575 levels, making higher lows on daily charts, which implies that the prices remain on track to test 1.17 handle.

More so, uncertainty over the US tax bill could continue to keep the greenback and Treasury yields on the back foot, which could push EUR/USD back towards 1.1685/1.1700 area. However, the US payrolls data due on the cards later today could stall the recent recovery mode in the major, as markets are expecting the headline NFP figures to show a solid rebound in October, coming in at 312k versus -33k last.

Meanwhile, the pair looks forward to the sentiment on the European markets for fresh impetus amid a data-empty EUR calendar today.

EUR/USD Technical Levels

Valeria Bednarik, Chief Analyst at FXStreet, noted: “In the 4 hours chart, the pair is above a marginally bullish 20 SMA, but technical indicators continue lacking directional strength within neutral territory. Renewed buying interest beyond 1.1670 should lead to a steeper advance, particularly on a disappointing US employment report. The opposite scenario would need to see the pair breaking below 1.1600 to open doors for a steadier decline beyond October's low of 1.1575. Support levels: 1.1600 1.1575 1.1540 Resistance levels: 1.1670 1.1700 1.1745.”

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

GBP/USD appears well offered near 1.3160

GBP/USD builds on Tuesday’s losses, although it now manages to pick up some pace and bounce off earlier multi-month troughs near 1.3140. The Greenback’s solid performance and continued political turmoil in the UK are keeping Cable under persistent pressure, with little sign of a meaningful recovery.

EUR/USD softens to near 1.1350 as Fed hike bets rise ahead of PCE inflation data

The EUR/USD pair declines to around 1.1355 during the early Asian trading hours on Thursday. The Euro weakens to its lowest level since June 2025 against the US Dollar as traders increase their bets on US interest rate hikes later this year. The US May Personal Consumption Expenditures inflation data will be the highlight on Thursday.

Gold off YTD lows, still struggles around $4,000 on hawkish Fed bets

Gold is off year-to-date lows, still struggling around $4,000 in the Asian session on Thursday as bears pause following the overnight slump to the lowest level since November 2025. Despite easing inflationary concerns amid falling oil prices, elevated Fed rate-hike bets help the US Dollar preserve its recent strong gains to the highest level since May 2025, weighing on non-yielding bullion.

Crypto market sheds over 50% of its value amid Bitcoin's brief decline below $60K

The crypto market has erased more than half of its value since reaching an all-time high in late 2025. The decline underscores the severity of the recent bear market and lack of a fresh catalyst to revive investor interest, according to a Wednesday X post by The Kobeissi Letter. The total crypto market cap peaked at a record $4.3 trillion on October 6, 2025.

5.90% to 5.45%: Why the Pound ignored the bond market’s relief rally

Keir Starmer resigned on Monday, and the Pound barely moved. That near-silence is the tell. Sterling's real driver these past four months has not been the prime minister, nor the left-leaning frontrunner lining up to replace him, but the long end of the gilt curve, which answers to a force no British politician controls.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.