- EUR/USD advances to three-day highs above 1.0600.
- Several ECB members will speak on Friday.
- The markets’ attention continues to be on the release of US employment data.
He EUR/USD has hit three-day highs at 1.0606 at the European open on Friday. At time of writing, the pair continues to hover around the 1.0600 zone, trading above 1.0598 and gaining 0.19% daily.
EUR/USD attentive to the dollar and the NFP
EUR/USD further extends the bounce from multi-week lows on the first testimonial from Jerome Powell on Tuesday and breaks through the 1.0600 barrier by the end of the week.
In fact, the renewed sell bias in the dollar forced the USD (DXY) index to give back some of the recent rally, in tandem with the loss of traction in US yields along the curve and the decline in bets on a half percentage point interest rate hike by the Fed at the March 22 meeting.
Later in the day, the publication of the Non-Farm Payrolls for February will focus all the attention, since it can cause important movements in the cross.
Fabio Panetta, Elizabeth McCaul and Christine Lagarde, President of the ECB, are scheduled to make statements. Earlier in the session, the final figures for inflation in Germany showed that the CPI rose 8.7% annually in February and 0.8% monthly.
EUR/USD Levels
If we continue advancing, the rupture of 1.0694 (monthly maximum of March 7) would have as objective 1.0712 (55-day SMA) en route to resistance 1.0804 (weekly high from February 14).
On the way down, the initial support stands at 1.0524 (monthly low March 8), followed by 1.0481 (2023 low of January 6) and, finally, 1.0323 (200-day SMA).
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.
