U.S. Dollar Weaker Ahead Of NFP Report

Dear Traders,

The euro extended its gains and headed towards 1.21 on the back of a weakening U.S. dollar. Our long entry has thus proved profitable. As stated in our yesterday’s analysis, we now expect the EUR/USD to test the 1.2130/50 area. A current support is however seen at the 1.20-barrier.

The British advanced against the greenback after the 1.35-support proved intact. We now expect a next resistance to come in at around 1.3650/60. If the pound, however, falls back below 1.3490, it may extend its slide towards 1.3450.

Today’s focus will turn to the U.S. Nonfarm Payrolls, scheduled for release at 13:30 UTC. The jobs report is projected to show 190K jobs in December while yesterday’s ADP report exceeded expectations, signaling continued momentum in the U.S. economy.

We wish you a nice weekend.

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