EUR/USD Price Forecast: Looks set to extend advance beyond 1.1600
The Euro (EUR) trades broadly firm at around 1.1555 against the US Dollar (USD) during the Asian trading session on Thursday. The major currency pair reflects strength as the US Dollar is broadly under pressure due to deteriorating United States (US) employment conditions.
The Euro (EUR) maintains a firm position against the US Dollar (USD) at around 1.1555 during the Asian trading session on Thursday. The US Dollar experiences pressure due to deteriorating employment conditions in the United States. The US Dollar Index (DXY) holds a slight decline at 99.65. On Wednesday, the ADP reported 44,000 private sector payrolls in July, lower than expected, and investors are eagerly awaiting the Nonfarm Payrolls (NFP) data on Friday.
TD Securities anticipates a minor improvement in July's jobs report compared to the June surprise. The bank's economists expect the unemployment rate to remain stable at 4.2%. Eurozone Retail Sales for June will be released at 09:00 GMT. EUR/USD holds a week-long recovery near 1.1554, breaking above the resistance level of 1.1538, indicating a positive bias while staying above the 20-period EMA at 1.1472.
Support is expected near the 1.1538 level, with deeper demand at the 20-period EMA at 1.1472. The pair may reach the July low of 1.1353 if it fails to hold the 20-day EMA. To extend the advance towards 1.1600, EUR/USD must stabilize above the downward-sloping trendline, followed by the May 29 high at 1.1686.
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