The new week has so far started. in calm for the EUR/USD and forex in general, after a rebound to the end of last week.
Let us remember that after a sharp fall and a dip at the end of last week. 1.0488 on Wednesday, the lowest in 8 months, the Euro Dollar had reached its lowest level in 8 months. join a summit at 1.0618 last Friday, profit taking and some statistics having favored gains.
In particular, the PCE price index, considered As the Fed's most closely watched inflation measure, came in below expectations, making further rate hikes from the Fed less likely, which penalized inflation. the Dollar.
>>Find all the important statistics for EUR/USD and real-time results on the Investing.com economic calendar!
Regarding events important for the EUR/USD this week, many indicators will be expected, but the most watched will concern American employment, with the ADP report (EPA:ADP) on Wednesday, and especially the NFP report on Friday. /p>
Disappointing numbers could reinforce expectations for an end to the Fed's rate hike, which should penalize the greenback and send EUR/USD mechanically higher, and vice versa.
The day of this Monday will be about it was driven in the morning by new estimates of European manufacturing PMIs, and by the unemployment rate in the Euro Zone. In the afternoon in the United States, it is mainly the manufacturing ISM as well as a speech by Powell which will be monitored, at a glance. 4 p.m. and 5 p.m. respectively.
Important technical thresholds for EUR/USD
From a graphical point of view, the general trend of the Euro Dollar remains bearish despite the increase. The gains made since last Thursday, as seen in the daily chart below.
À On the rise, the first potential resistance is the threshold of 1.06, but a more important level is found around 1.0635. Then 1.07 and 1.0760 will be the next resistances. Finally, the decline, the low of last week at 1.0488 combines with the major psychological threshold of 1.05 to form key support.
Will EUR/USD start falling again? The forex trend will depend on US employment