FXOpen
The release of revised US employment data and the FOMC minutes has added downward pressure on the dollar. The updated figures show that in March, there were 818,000 fewer non-farm jobs than initially reported, suggesting that the US labour market continues to slow. This raises the possibility that the Fed may cut rates by 0.50% at the September meeting, rather than the 0.25% predicted by experts.
Given the current situation, traders will be closely watching the annual Jackson Hole symposium and Jerome Powell’s comments on the state of the US economy. Important data is also expected from the UK and Europe.
EUR/USD
Technical analysis of the EUR/USD pair indicates the potential for further price strengthening, supported by a strong bullish impulse on the daily timeframe after a series of buy setups. Yesterday, the price broke through key resistance at 1.1100. If this level turns into support, the pair may continue its rise towards last year’s highs at 1.1270-1.1240.
In the event of a downward correction, the price could test 1.1100-1.1070.
Key events for EUR/USD pricing:
- Today at 10:30 (GMT +3:00): Release of Germany's Manufacturing PMI
- Today at 11:00 (GMT +3:00): Release of the Eurozone's Manufacturing PMI
- Today at 14:30 (GMT +3:00): Release of the ECB’s monetary policy meeting minutes
GBP/USD
As anticipated, the GBP/USD pair broke its recent high at 1.3050 and tested 1.3100. If the upward movement continues, buyers will likely target last year’s highs at 1.3140-1.3120. If a downward correction begins, the price may test 1.3040-1.3000.
In the upcoming trading sessions, keep an eye on the following events:
- Today at 11:30 (GMT +3:00): Release of the UK's Services PMI
- Today at 15:00 (GMT +3:00): Jackson Hole Symposium
- Today at 16:30 (GMT +3:00): Release of the US Manufacturing PMI
Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Stay ahead of the market!
Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.
Latest from Forex Analysis
Latest articles
Occidental Petroleum (OXY) Shares Drop to 2.5-Year Low
Shares of Occidental Petroleum Corporation (OXY), the sixth-largest holding in Warren Buffett’s portfolio, have fallen to their lowest level since April 2022. According to Yahoo Finance, Buffett's Berkshire Hathaway increased its stake in Occidental Petroleum to nearly 30% this
EUR/USD Falls After US Labour Market Data
On Friday, key employment data from the US was released, which proved somewhat mixed.
On the one hand, the increase in jobs fell short of expectations. According to ForexFactory, the Non-Farm Employment Change figures were:
→ actual = 142K;
→ expected = 164K;
→ previous
Mastering Trading with the Symmetrical Triangle Chart Pattern
In technical analysis, a symmetrical triangle is one of the most popular tools traders use to analyse a price direction. It’s a bilateral formation, meaning it provides buy and sell signals. This is the biggest challenge for traders. In