- The EUR/USD pair continues to rise after recovering the 1,050 level.
- ECB officials take turns downplaying the possibility of future rate hikes.
- Markets are eyeing the US NFP numbers on Friday after Thursday’s mixed data.
The pair EUR/USD rises on Thursday and approaches 1.0550 heading into the end of the week, with US Non-Farm Payrolls (NFP) figures. The Euro (EUR) is up just 0.3% from Thursday’s opening bids at 1.0506, as European Central Bank (ECB) officials continue to speak out against the possibility of a continuation of the rate hike cycle.
On Thursday, the US dollar beat market expectations as initial jobless claims saw a slight rebound from 205,000 to 207,000, although they were above the expected 210,000.
All that’s left for the week are the US NFP numbers due out on Friday. Markets are forecasting a slight decline from 187,000 to 170,000 for the September headline figure.
EUR/USD Technical Outlook
Bidding on the EUR/USD pair is focused on the 200-hour SMA near 1.0540 as the euro looks to extend its recent bounce against the dollar. A consistent pattern of lower highs leaves bullish momentum firmly weakened, and euro bidders will need to first reclaim 1.0600 before staging a longer-term recovery.
On daily candles, the EUR/USD pair remains firmly bearish, down more than 6.5% from July highs, and price action remains well below the 200-day SMA near 1.0825. Bidders will need to break and hold above a descending trend line from 1.1275, and a drop lower would see new eleven-month lows below 1.0448.
EUR/USD hourly chart
EUR/USD Daily Chart
EUR/USD technical levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
