EUR/USD RISES ABOVE 1.1050 AHEAD OF US NFP RELEASE
EUR/USD RISES ABOVE 1.1050 AHEAD OF US NFP RELEASE
The EUR/USD currency pair has surged above the 1.1050 mark in anticipation of the upcoming U.S. Non-Farm Payrolls (NFP) report, scheduled for release later today.
This movement reflects market positioning ahead of key employment data that could influence future Federal Reserve monetary policy decisions.
As of the latest updates, EUR/USD is trading above 1.1050, marking a significant move from previous levels.
The recent rise is attributed to market participants adjusting positions ahead of the NFP release, with expectations of weaker employment numbers in September.
This anticipation could fuel speculation about more substantial rate cuts by the Federal Reserve, potentially exerting downward pressure on the U.S. dollar.
Sustained trading above 1.1050 sets EUR/USD up for a possible rally towards the 1.1100 mid-range area, and potentially the 1.1200 range resistance zone.
trading below this support level could lead to further depreciation, with potential targets at 1.1000 and 1.0900.
