When will the JOLTS report be released and how could it affect EUR/USD?

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Job openings data will be published on Thursday, July 6, at 14:00 GMT. The report could influence the US Dollar’s (USD) valuation, with market participants trying to figure out whether the Fed will continue to tighten the policy later in the year. “We believe there's more restriction coming, driven by labor market,” Powell said when speaking at a policy panel at the 2023 ECB Forum on Central Banking.

Eren shares his views on how EUR/USD could react to JOLTS data:

“The Relative Strength Index (RSI) indicator on the daily chart declined below 50 and EUR/USD closed below the 20-day Simple Moving Average on Wednesday, pointing to a bearish tilt in the short-term outlook. With an upward surprise, the pair could continue to stretch lower. In that case, 1.0820 (100-day SMA) aligns as key support. A daily close below that level could open the door for an extended slide toward 1.0760 (static level) and 1.0700 (psychological level, static level”

"A noticeable decline in job openings could weigh on the USD and help EUR/USD recover toward 1.0900 (psychological level, 20-day SMA). If the pair rises above that level and confirms it as support, 1.0950 (static level) and 1.1000 (psychological level) could be set as next bullish targets."

Related news

  • EUR/USD could slip below 1.0800 before the end of the week – ING
  • Forex Today: US Dollar consolidates gains ahead of high-tier US data releases
  • EUR/USD risks a drop to 1.0805 – UOB

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