EUR/USD Price Forecast – Euro choppy into jobs number

The Euro has gone back and forth during the trading session on Thursday, essentially going nowhere as we await the jobs figure. Ultimately, this is a market that should continue to be negative longer term though, so having said that the sellers are probably just waiting to get involved.
Christopher Lewis
EUR/USD daily chart, October 04, 2019

The Euro has gone back and forth during the trading session on Thursday, showing signs of confusion, as we have rallied a bit too much over the last couple of days. As we head into the jobs figure, this pair of course will be highly influenced by what happens with the US dollar, which of course will be highly influenced by the employment situation. Looking at the chart, the 1.10 level above should be massive interest just waiting to happen as it is a large, round, psychologically significant figure. Looking at the 50 day EMA reaching towards the figure as well tells me that there is quite a bit of structure there as far as sellers are concerned.

EURUSD analysis Video 04.10.19

Pay attention to the US bond markets as well, and demand. Demand has been relatively high, and if it picks up again, that will also drive this market much lower. To the downside, the market still hasn’t filled a gap at the 1.0750 level, which will take some time to get to because of the choppy and erratic nature of this market. High-frequency trading has taken over the Euro/US dollar pair, and therefore huge moves are very rare. Ultimately, this is a market that is very negative longer term so therefore I think that it’s likely to offer a nice opportunity to start selling at the first signs of exhaustion. Don’t get me wrong, it’s not going to be very quick move, but it does look like we are going to continue grinding lower. Look at rallies as a gift as far as owning greenbacks will be concerned.

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