U.S. Dollar Tries To Gain More Upside Momentum
EUR/USD continues its attempts to settle below the 20 EMA at 1.1840 as the U.S. Dollar Index tries to break above its 20 EMA at the 93 level.
The U.S. Dollar Index, which measures the strength of the U.S. dollar against a broad basket of currencies, did not manage to settle above the 93 level but looks ready to make another serious attempt to gain more upside momentum.
Yesterday, disappointing Euro Area Retail Sales data put additional pressure on the euro. However, the market is still worried about the prospect of multi-year low interest rate environment in the U.S., and the American currency is yet to prove that it is ready to start a new upside trend.
On Thursday, U.S. provided better-than-expected Initial Jobless Claims and Continuing Jobless Claims reports but dollar’s gains were limited as some traders wanted to see more employment data to evaluate the strength of the job market rebound.
Today, these traders will focus on U.S. Non Farm Payrolls and Unemployment Rate reports. The biggest focus will be on the Non Farm Payrolls report since it will show how many jobs were created in August. Analysts expect that Non Farm Payrolls report will show that the economy added 1.4 million jobs.
Technical Analysis
EUR/USD is currently trading near the 20 EMA level at 1.1840. This is an important moment for EUR/USD since a move below the 20 EMA will signal that the recent upside momentum has come to an end.
Yesterday, EUR/USD moved below the 20 EMA but failed to gain enough downside momentum and rebounded back to the 20 EMA level.
In case EUR/USD gets back below the 20 EMA, it will head towards the recent lows at 1.1790. A move below 1.1790 will open the way to the test of the next support level at 1.1765.
On the upside, EUR/USD needs to stay above the 20 EMA to have a chance to gain more upside momentum and test the next resistance level at 1.1910. If EUR/USD manages to settle above 1.1910, it will head towards the resistance at 1.1965. #EUR/USD##FX#
Reprinted from Fxempire，the copyright all reserved by the original author.
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