EUR/USD struggles to stage a convincing rebound, retreats to 1.1860

EUR/USD stays in a consolidation phase on Thursday.
US Dollar Index stays below 92.50 after US data releases.
Focus shifts to US June labour market report.

Eren Sengezer FXStreet

The EUR/USD pair dropped to its lowest level since early April at 1.1838 in the early European session but managed to stage a rebound. However, the pair lost its momentum around 1.1880 and started to edge lower during the American trading hours. As of writing, EUR/USD was posting small daily gains at 1.1862.

Earlier in the day, the data from the euro area showed that the Markit Manufacturing PMI edged higher to 63.4 in June and surpassed the market expectation of 63.1. Additionally, Eurostat announced that the Unemployment Rate declined to 7.9% in May, compared to analysts' estimate of 8%. Nevertheless, the positive impact of these upbeat data on the shared currency remained short-lived.

DXY holds steady ahead of NFP

On the other hand, the US Dollar Index (DXY) continues to fluctuate in a relatively tight range below 92.50, not allowing EUR/USD to make a decisive move in either direction.

The US Department of Labor's weekly publication revealed on Thursday that the Initial Jobless Claims declined to 364,000, the lowest print in more than 15 months, in the week ending June 26. Moreover, the ISM Manufacturing PMI edged slightly lower to 60.6 in June from 61.2.

On Friday, the Producer Price Index (PPI) data will be featured in the European economic docket. More importantly, the US Bureau of Labor Statistics will release the Nonfarm Payrolls report for June.

Previewing the US jobs report, "the dollar has room to fall in response to June's Nonfarm Payrolls report due to elevated expectations, undoing of existing positions and more," said FXStreet analyst Yohay Elam.

NFP Preview: Four reasons why June's jobs report could be a dollar downer.

Technical levels to watch for

EUR/USD

Overview
Today last price	1.1863
Today Daily Change	0.0005
Today Daily Change %	0.04
Today daily open	1.1858

Trends
Daily SMA20	1.2025
Daily SMA50	1.2089
Daily SMA100	1.2025
Daily SMA200	1.1999

Levels
Previous Daily High	1.1909
Previous Daily Low	1.1845
Previous Weekly High	1.1975
Previous Weekly Low	1.1848
Previous Monthly High	1.2254
Previous Monthly Low	1.1845
Daily Fibonacci 38.2%	1.1869
Daily Fibonacci 61.8%	1.1885
Daily Pivot Point S1	1.1832
Daily Pivot Point S2	1.1807
Daily Pivot Point S3	1.1768
Daily Pivot Point R1	1.1896
Daily Pivot Point R2	1.1934
Daily Pivot Point R3	1.196

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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