The Euro rallied a bit during the trading session on Thursday to bounce from the 1.16 region. The 200-day EMA continues to be a major attractor of markets, with the 50-day EMA above near the 1.1665 level offering resistance.
That being said, I think we're basically compressed between 1.16 and 1.17, and with the jobs number coming out on Friday, it's possible that we will just sit still in the meantime, waiting for the interest rates reaction to the number, be it better or worse than anticipated, and then I think that gives you a little bit of a heads-up Rates and Market ClarityIt is worth noting that interest rates did slip a bit early during the trading session on Thursday, so that has put a little bit of strength back into the Euro as the US rates are now right around 4.46.That being said, from a historical perspective, they are a little bit elevated, and when you look at the EUR/USD charts from a longer-term perspective, the 1.14 level underneath is a floor in the market with the 1.1850 level above being a bit of a ceiling.We are basically right in the middle of that as one would expect when the market is just waiting for some type of clarity, not only from the jobs report, not only from interest rates in the United States and Germany as well, but the reaction of interest rates to any news coming out of the Middle East. We are essentially in a tight range, I think short-term traders will continue to work this 100-pip range until something actually changes.EURUSD Chart by TradingViewReady to trade our EUR/USD daily forecast? Here's a list of some of the top forex brokers in Europe to check out.
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