What is the EUR/USD Direction Expected Ahead of This Week's NFP Data? - Kakiforex.com - Financial Market Media No. 1 in the World What is the EUR/USD Direction Expected Ahead of This Week's NFP Data? What is the EUR/USD Direction Expected Ahead of This Week's NFP Data?
InstaForex

June 28, 2021

What is the EUR/USD Direction Expected Ahead of This Week's NFP Data?

The continued movement of the US dollar at the beginning of trading this week was seen still flat with somewhat mixed sentiment.


The Wall Street stock market showed an increase, putting pressure on the US dollar. Meanwhile, the rebound in US 10-year bond yields is seen as giving support to the king of the currency.


Trading earlier this week is also expected to slow while investors may be wary ahead of the US NFP jobs data report for June to be published this Friday.




As can be seen on the chart of the EUR/USD currency pair, the price has been moving flat since last week despite being seen to show a weak bullish pattern.


The price managed to move above the 1.19000 level again, but still has not passed the 1.20000 barrier level.



Highs around 1.19700 were tested on Wednesday and Friday but failed to continue rising to higher levels.


If this week the price falls again below the level of 1.19000, investors will start to expect the price to make a lower decline with the focus level being at the support zone of 1.18000.


However, if the price rises and passes the 1.2000 barrier, a higher rise will be expected to lead to the SBR (support become resistance) zone of 1.20600-1.20900.