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Currently, the EUR/USD exchange rate has paused after reaching 1.0667, but it remains above the crucial support level of 1.0600 in the early Asian trading session on Friday. The decrease in US Treasury bond yields and the correction of the US Dollar (USD) provide some support for this currency pair. Traders will receive more signals from the US Non-Farm Payrolls (NFP) report on Friday for fresh momentum. It is expected to add 180,000 jobs in October. The major currency pair is currently trading around 1.0620, down 0.01% for the day.
According to the CME FedWatch Tool, the probability of a 25 basis point interest rate hike in the December meeting remains low at around 20%, putting additional pressure on the USD.
On the daily chart, the uptrend is still well maintained with significant resistance around 1.0633. Breaking above this resistance level will push EUR/USD to new highs, with a projected target of around 1.0689.
Currently, the EUR/USD exchange rate has paused after reaching 1.0667, but it remains above the crucial support level of 1.0600 in the early Asian trading session on Friday. The decrease in US Treasury bond yields and the correction of the US Dollar (USD) provide some support for this currency pair. Traders will receive more signals from the US Non-Farm Payrolls (NFP) report on Friday for fresh momentum. It is expected to add 180,000 jobs in October. The major currency pair is currently trading around 1.0620, down 0.01% for the day.
According to the CME FedWatch Tool, the probability of a 25 basis point interest rate hike in the December meeting remains low at around 20%, putting additional pressure on the USD.
On the daily chart, the uptrend is still well maintained with significant resistance around 1.0633. Breaking above this resistance level will push EUR/USD to new highs, with a projected target of around 1.0689.
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