Market Overview:
The Fed may still raise interest rates. The weakening economy in the eurozone is characterized by the slowdown in inflation, so the EUR/USD pair could weaken further. Today, the report on US Non-Farm Payrolls and US Unemployment Rate will be released. If the unveiled data does not match expectations and support the policy of interest rate hikes of the Fed, it can lead to reversal bias for the pair. From the technical point of view, we see a pattern "Three Little Indians" (picture-circle blue) on intraday charts, which indicates potential weakening.
Economic Data:
Today, the reports on French Trade Balance, French Industrial Production m/m, German Trade Balance, and German Industrial Production m/m will see the light of day. the United States will release its data on Consumer Credit m/m, Wholesale Inventories m/m, Unemployment Rate, Non-Farm Employment Change, and Average Hourly Earnings m/m. Amid this data, EUR/USD is likely to move with medium to high volatility today.
Technical Data's
Weekly Bias: Ranging
Daily Bias: Ranging
Today Technical Levels:
Breakout BUY Level: 1.0969
Strong Resistance:1.0963
Original Resistance: 1.0952
Inner Sell Area: 1.0941
Target Inner Area: 1.0916
Inner Buy Area: 1.0891
Original Support: 1.0880
Strong Support: 1.0869
Breakout SELL Level: 1.0863
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