There are a couple to take note of on the day, as highlighted in bold below.
They are for EUR/USD layered in between the 1.1550 to 1.1600 levels. The dollar was dealt a blow after the US jobs report last week, with massive downward revisions to payrolls and Trump’s firing of the BLS chief giving reasons for traders to dump the greenback. Fed funds futures also shifted to price in a September rate cut, compounding the dollar’s woes.
That sees EUR/USD now put back in between its key hourly moving averages of around 1.1497 to 1.1610. That’s a lot of room to maneuver but the expiries above could help to limit that, at least for European trading today. The more relevant one is likely to be the one closer to 1.1600 but overall, the expiries could keep price action more limited before Wall Street enters the fray.
For more information on how to use this data, you may refer to this post here.
Head on over to investingLive (formerly ForexLive) to get in on the know!
