- The EUR/USD is extending its lift after reclaiming the 1.050 level.
- ECB officials take turns talking down the possibility of rate hikes moving forward.
- Markets are rolling over to start focusing on another US NFP Friday after Thursday's data beat.
The EUR/USD is reaching higher on Thursday, making a stretch for 1.0550 heading into the end-week populated with US Non-Farm Payroll (NFP) figures. The Euro (EUR) is up a scant 0.3% from Thursday's opening bids of 1.0506 as European Central Bank (ECB) officials continue to talk down the potential for a continuation of the rate hike cycle.
US weekly Initial Jobless Claims rise to 207K vs. 210K expected
The US Dollar (USD) saw a clean beat of market expectations for Thursday, with Initial Jobless Claims printing a slight uptick to 207K from 205K, but still clearing the market forecast 210K.
All that remains for the week is US NFP figures due on Friday. Markets are forecasting a slight decline from 187K to 170K for the headline figure for September.
Read More:
ECB's Villeroy: I don't think an additional rate hike is justified
ECB de Guindos: It's premature to discuss rate cuts
ECB’s Kazimir: Believe that our last rate hike was the last
EUR/USD technical outlook
EUR/USD bids are tapping into the 200-hour Simple Moving Average (SMA) near 1.0540 as the Euro looks to extend its recent rebound against the Greenback. A consistent lower-highs pattern leaves bullish momentum firmly underpowered, and Euro bidders will need to first reclaim 1.0600 before staging a longer-term recovery.
On the daily candlesticks the EUR/USD remains firmly bearish, down over 6.5% from Juily's peaks, and price action remains far below the 200-day SMA near 1.0825. Bidders will need to break and hold above a descending trendline from 1.1275, and a downside slip will see new eleven-month lows below 1.0448.
EUR/USD hourly chart
EUR/USD daily chart
EUR/USD technical levels
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD retreats from daily highs, holds above 1.0800
EUR/USD loses traction but holds above 1.0800 after touching its highest level in three weeks above 1.0840. Nonfarm Payrolls in the US rose more than expected in June but downward revisions to May and April don't allow the USD to gather strength.
GBP/USD struggles to hold above 1.2800 after US jobs data
GBP/USD spiked above 1.2800 with the immediate reaction to the mixed US jobs report but retreated below this level. Nonfarm Payrolls in the US rose 206,000 in June. The Unemployment Rate ticked up to 4.1% and annual wage inflation declined to 3.9%.
Gold approaches $2,380 on robust NFP data
Gold intensifies the bullish stance for the day, rising to the vicinity of the $2,380 region following the publication of the US labour market report for the month of June. The benchmark 10-year US Treasury bond yield stays deep in the red near 4.3%, helping XAU/USD push higher.
Crypto Today: Bitcoin, Ethereum and Ripple lose key support levels, extend declines on Friday
Crypto market lost nearly 6% in market capitalization, down to $2.121 trillion. Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) erased recent gains from 2024.
French Elections Preview: Euro to “sell the fact” on a hung parliament scenario Premium
Investors expect Frances's second round of parliamentary elections to end with a hung parliament. Keeping extremists out of power is priced in and could result in profit-taking on Euro gains.