Throughout yesterday, the EUR/USD pair stayed within the range established on Wednesday. By the end of the day, Thursday closed with a bearish candlestick, indicating a lack of upward momentum for the euro. Today, U.S. employment data for December will be released.
Nonfarm payrolls are expected to be 164,000, down from 227,000 in November. However, given that weekly jobless claims have shown consistent improvement, we anticipate that the Nonfarm Payrolls data may exceed forecasts. Consequently, we do not expect any upward momentum for the euro today. We believe the price will break through the intermediate level of 1.0250 and move towards the target support at 1.0135.
On the four-hour chart, the price is gradually declining below both the balance line and the MACD indicator lines. The price is under pressure ahead of the release of this week’s crucial data. The signal line of the Marlin oscillator is moving horizontally below the neutral zero line, suggesting a potential downward movement. We are awaiting the U.S. labor data release.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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