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EUR/USD ahead of US NFP

The EUR/USD had a volatile session on Thursday with the pair falling back to 1.2741 before bouncing back to close at 1.2937 following the ECB meeting. The candlestick formation on the daily chart reminds of a hammer, which could indicate that we are going to test the 1.30 level again. At 1.2903 at the time of writing, the market kick started the day on a negative footing, but the bears can’t seem to find enough collective momentum to pull the market lower at the moment. The market is in a long-term downtrend. For short-term trading, a break above 1.297 would open the door for the key psychological level at 1.30. From a longer term perspective, this could be seen as a good selling opportunity. On the economic data front, all eyes will be on the US Non-Farm Payroll report later today.

Dafni Serdari
Market Analyst
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