02 February 2024, EUR/USD
Event to watch out for today:
15:30. USD - Non-Farm Payrolls
EURUSD:
The EUR/USD pair is consolidating on the back of recent losses recorded in the previous session and is around 1.0870 during the Asian session on Friday. Following Wednesday's Federal Reserve (Fed) meeting, Chairman Powell said that the FOMC is unlikely to have enough evidence to cut rates in March.
The NFP report on Friday will be one of the most important events. The US economy is expected to have added 180,000 jobs in January after 216,000 the previous month. The unemployment rate is expected to rise to 3.8% and average hourly earnings are estimated to increase 0.3% for the month.
A break above the 1.0900 resistance zone could support the Euro-dollar pair and send it towards the 38.2% Fibonacci retracement level area at 1.0919 and then towards the major barrier at 1.0950. Technical analysis indicates a change in the direction of the pair towards bullish sentiment.
Trading recommendation: At the level above 1.0900 we consider buying
Important macroeconomic news is coming out today, you can take advantage of it! Connect 101% drawdown bonus and trade with double deposit! Bonus funds will help to increase profits or withstand a sudden drawdown!
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