EUR/USD is looking to settle below 1. 1860 lately, while the US dollar remains solid against a broad basket of currencies.
The US dollar index recently attempted to rise above 92. 50, but lost momentum and retreated to 92. 40. If the US dollar index manages to stabilize below this level, it will head towards 92. 15, which will be up for EUR/USD.
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Today, investors will change according to U. S. hard labor market data. U. S. Initial job applications are expected to increase from 411,000 to 390,000, while continued job applications are expected to increase from 3. 39 million to 3. 38 million.
Traders will also be briefed on the final readings of the June manufacturing PMI reports. The euro area output PMI is expected to remain unchanged at 63. 1. The U. S. production PMI is expected to beU. S. Increase from 62. 1 in May to 62. 6 in June.
The EU will also publish a report on the unemployment rate showing that the unemployment rate remained unchanged at 8% in May.
EUR/USD has controlled stabilizing below 1. 1880 and is looking to stabilize below the next point at 1. 1860. If EUR/USD manages to stabilize below this point, it will head towards 1. 1830.
A move below 1. 1830 will pave the way to test the at 1. 1800. If EUR/USD falls below 1. 1800, it will be headed to the next one which is at 1. 1775.
On the upside, the past at 1. 1880 will serve as the first resistance point for EUR/USD If EUR/USD manages to come back above this point, it will head towards resistance at 1. 1900. it will push EUR/USD towards resistance at 1. 1925.
From a general point of view, EUR/USD will need to be below 1. 1860 to continue its downward move, if EUR/USD does not stabilize below this level, it will have a smart chance of temporarily returning above 1. 1900.
For a review of all of today’s economic events, check out our economic calendar.