05 March 2024, EUR/USD
Events to pay attention to today:
11:00. EUR - Composite PMI
17:00. USD - ISM Services Purchasing Managers Index (PMI)
EURUSD:
On Monday, the EUR/USD pair drifted towards the high at the beginning of the trading week, finding a place on the chart near 1.0860 and hitting short-term technical resistance. Currently, the EUR/USD pair has found support near 1.0850. The pair is range-bound for the week, and investors will be keeping an eye on this week's crucial US jobs data as markets will be evaluating the Federal Reserve's future actions.
Central bank threats loom over the Euro (EUR) and the US Dollar (USD) this week. On Wednesday and Thursday, Fed Chairman Jerome Powell will testify before the U.S. House Financial Services Committee on Wednesday and Thursday regarding the Fed's semi-annual monetary policy report. The European Central Bank (ECB) will also present its latest rate decision during Thursday's European market session.
The ADP Employment Change report will be released on Wednesday and the Non-Farm Payrolls Change (NFP) report will be released on Friday. ADP's ADP Employment Change for February is expected to jump to 150k from 107k in the previous month, while Friday's NFP report is expected to fall to 200k from 353k in the previous month.
Trading recommendation: Watch the level of 1.0850, take Buy positions on the rebound
Follow important macroeconomic news on the Forex Economic Calendar.
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