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EUR/USD Price Forecast – Euro Awaits Friday Jobs Report

By:
Christopher Lewis
Published: Dec 2, 2021, 14:53 GMT+00:00

The Euro is doing nothing during the trading session on Thursday, which makes sense as the Forex world is awaiting the jobs report on Friday. The US dollar will be the main driver of where we go next.

EUR/USD Price Forecast – Euro Awaits Friday Jobs Report

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The Euro has shown itself to be somewhat ambivalent to the goings-on of the world at the moment, as we sit just below the 1.1350 level. With the jobs number coming out on Friday, it should not be overly surprising to think that the market might be quiet for 24 hours or so. At this point, everybody wants to see what is going to happen with the jobs report, and whether or not we will get a number that people will be happy with. With this being the case, the market is likely to continue seeing a lot of choppy and nonsensical behavior, but by the time we get through the Non-Farm Payroll numbers, we should have a bit more clarity.

EUR/USD Video 03.12.21

To the downside, if we break down below the lows of the last couple of days, then the market is likely to revisit the lows from previous trading. At this point, the market would threaten the 1.12 level, an area that of course is a large, round, psychologically significant figure. Breaking down below that level could send this market into a freefall, perhaps sending the Euro down to the $1.10 level. Nonetheless, this is a market that will continue to be noisy, because quite frankly the entire marketplaces noisy at the moment. This is a market that is indicative of what is going on with the US dollar in general, so it does make a certain amount of sense that it would be very noisy. There is a lot of uncertainty when it comes to the omicron variant at the moment as well, so the whole thing is going to continue to be a bit of a mess.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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