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EUR/USD Price Forecast: Sell-Off Continues as US NFPs Loom Large

EUR/USD Price Forecast: Sell-Off Continues as US NFPs Loom Large

2020-01-10 12:00:00
Nick Cawley, Analyst
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EUR/USD Price Forecast, Analysis and Chart:

  • EUR/USD stuck in a tight range ahead of US Labor Report.
  • Long-term moving average weighs on the pair.
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EUR/USD Back Below 1.1100

EUR/USD is back below 1.1100 again and is struggling to make any move higher in a quiet market dominated by this afternoon’s US nonfarm payroll report.The US Jobs Report remains one of the most dominant economic releases and any deviation from market expectations, or a revision of a prior number, can move the market sharply.

Nonfarm Payrolls (NFP) Drives the US Dollar and Currency Volatility

Key NFP Charts to Analyze Ahead of the Big Day

The daily chart continues to show EUR/USD breaking down with today’s move lower taking the pair below all three moving averages, although a close below is needed to confirm the bearish sentiment. The 1.1097 level we identified recently has also fallen and there is little in the way of technical support until 1.1066 at present. The short-term uptrend off the November 29 low at 1.0981 has also given way, leaving this print as the short- to medium-term bearish target. The CCI indicator shows the pair nearing oversold territory, which may slow down any further sell-off, but the weakness in EUR/USD seen since the start of the year remains evident.

Next week there is a busy US economic data calendar, while the US and China are fully expected to sign-off on phase one of their long awaited trade deal on Wednesday.

EUR/USD Daily Price Chart (March – January 10, 2020)

eur/usd price chart showing euro falling
EUR/USD BEARISH
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Change in Longs Shorts OI
Daily 4% -11% -2%
Weekly 9% -11% 2%
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What is your view on the Euro and the US Dollar – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

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