Chart of the day: EUR/USD
|The EURUSD is at key support ahead of the big events this week!
The EURUSD is back at the 200 and 50dma. You can see below, they are very tightly wound up and are providing the market near term support ahead of the key FOMC meeting and Non-Farm Payroll report this week. Although the Fed is expected to keep rates unchanged, but there is a good chance they could lean dovish based on some recent economic data points. Also, many feel that the jobs report could show some weakness in the economy as well on Friday.
With both of these factors in play, being long the EURUSD near the 1.0800 level may be the play, especially with the bullish pennant developing. Above the 1.0880 level would confirm the bullish setup. Below the 1.0773 would negate this setup.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.