EURUSD Awaits NFP

The EURUSD didnt do anything much during the course of the day yesterday as it turned out to be an inside day on the charts. The data from the US also did not have much of an impact on the pair and hence the trading was very much subdued. Maybe the traders are awaiting the NFP data from the US later on Friday, we do not know and we will have to wait and see.

EURUSD In Range

The pair did not make much of a move as it spent the whole of the last 24 hours in a tight range on either side of 1.23. There is strong support for the pair in the 1.2250 region and that is likely to hold up against any further losses for the short term. But all that could change when the NFP data releases tomorrow. The euro, by itself, has been quite strong all this while and it has been aided by the strength in the incoming data from the Eurozone.

It is the dollar that has been rocked by the incoming data and more by the geopolitical developments with each passing day bringing in new reports and news which are making the market headlines. After the threat of a global trade war, the US now seems to be backtracking a bit and this has been rocking the markets this way and that since the beginning of the week. Trump certainly has a knack of bringing in volatility into the markets.

Looking ahead to the rest of the day, we do not have any major economic news from the US or the Eurozone and hence it is quite likely that the consolidation and the ranging would continue unless some of the option expiries and their holders decide to rock the markets at any point of time. The focus would continue to be on the USD and the news tomorrow.