EUR/USD (current price: 1.1087)
The most traded currency pair stayed in a narrow range yesterday, before today’s all-important U.S. Employment Report. The better than expected U.S. releases caused a slight drop in the cross, together with the worrying news regarding the European banking system. The pair is hovering around the 200-day MA that has acted as resistance in the last two days. The 1.10 level provides support for now, but another miss in the Non-Farm Payrolls number today might cause a steep decline following last month’s lackluster reading 38,000.
Our assessment: The pair bounced lower from the 200-day MA at 1.11 again, and traders will likely focus on the crucial indicator in the coming days as well.
