October 6, 2021

EUR/USD Sadly, Investors Still Take A Vigilant Attitude Ahead Of The NFP

 The 10 -year U.S. treasury yield appears to have rebounded to test the 1.55% resistance level and has little to support the greenback dollar to rebound.

Following the release of the US NFP employment report data that will be published this weekend and the Evergrande issue that is rampant at the moment continues to make investors remain vigilant.

Although the ISM survey services PMI data exhibited positive data on yesterday’s New York session, it was in no way able to spur price movements.

Investors are also seen continuing to take precautionary measures against the ADP NFP employment data report which will be published tonight and will be an indication of the next direction of movement for the USD.

On the price chart of the EUR/USD pair, the price is slightly flat and slowed as investors continued to take cautious measures against the hot news that will be published this week.

The price movement is seen hovering only in the SBR (support become resistance) zone of 1.16000 to await the publication of the United States (US) NFP employment data report on Friday.

But looking at the EUR/USD price chart, the price was restrained to show a higher increase in the New York session yesterday before returning to record a decline at the end of the session.

A clearer early signal of bullish movement will be assessed if the price manages to re -break the SBR zone of 1.16000 and trades above the Moving Average 50 (MA50) barrier level on the 1 -hour frame.

The higher rise will lead to the next SBR zone around 1.17000 which was the plunge zone last week and remains the focus zone for investors to test.

Meanwhile, if the price resumes its downtrend, the price is likely to slide in testing the 2021 lows at 1.15700.

The next lower price focus will be directed to hit the 1.15000 support zone and again record the most recent low for the year.