EURUSD: bulls nervous ahead of the NFP

On Thursday the 31st of October, trading on the euro closed at the same level as it opened at the beginning of the Asian session. During trading in Europe, the EURUSD pair dropped from its high of 1.1176 to the lows of 1.1130. This decline came as a result of technical factors, as well as reduced demand for risky assets amid fresh doubts over a trade deal being reached between the USD and China. From the low of 1.1132, the pair recovered to 1.1151.

Day’s news (GMT+3):

  • 12:30 UK: Markit manufacturing PMI (Oct).
  • 15:30 US: nonfarm payrolls (Oct), average hourly earnings (Oct).
  • 16:45 US: Markit manufacturing PMI (Oct).
  • 17:00 US: ISM manufacturing PMI (Oct).
EURUSD H1

Current situation:

Yesterday’s expectations were met in full. The pair hit fresh highs before dropping to 1.1132.

At the time of writing, the euro is trading at 1.1160. All eyes are now on the US jobs market. Projections show 89k new jobs created outside the agricultural sector, and unemployment rising to 3.6%.

In the Asian session, the EURUSD is rising slightly. The pair usually trades within a narrow range ahead of such important news. We expect the pair to drop to 1.1150 ahead of the payrolls report. What happens after the report is too unpredictable, so the forecast on the chart only goes as far as 15:30 (GMT+3).

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