EUR/USD Price Forecast – Euro Saves Itself Heading Towards Jobs Figure

The Euro initially dipped below the 1.1850 level during the trading session on Thursday but as you can see has turned back around to show signs of life again. Ultimately, this is a market that is most certainly threatened, but we also have the Non-Farm Payroll numbers coming out during the trading session on Friday and that of course will have a major influence on what happens in this pair. Because of this, it should not be a huge surprise that we have seen this market turned back around and show signs of life.

EUR/USD Video 02.07.21

That being said, if we were to break down below the candlestick for the trading session, that opens up more negativity and we should continue to go much lower, perhaps reaching down towards the 1.17 level, maybe even the 1.16 level but we obviously need to see a little bit of pressure make that happen. On the other hand, if we turn around and rally from here, we could go looking towards the 200 day EMA, which is currently sitting at the 1.1933 area.

Pay close attention to this pair, because if for no other reason it is a good barometer on what is going on with the US dollar in general, so if this pair does break down a bit, you will see the US dollar strengthening against almost everything else out there as well. Because of this, I always keep an eye on the Euro, but do not necessarily always trade the pair. At this point, the market has formed a “H pattern”, which typically is a very negative sign.

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