The EUR/USD currency pair has been showing a bearish trend at the 1.07 level, indicating that the euro is weakening against the US dollar. This trend has been observed for some time now, and traders are anticipating a significant data release that could potentially impact the currency pair’s movement.
The euro has been under pressure due to a number of factors, including the ongoing Brexit negotiations, political uncertainty in Italy, and concerns over the European Central Bank’s monetary policy. Meanwhile, the US dollar has been gaining strength due to positive economic data and the Federal Reserve’s interest rate hikes.
The upcoming data release that traders are eagerly awaiting is the US non-farm payrolls report, which is scheduled to be released on Friday, December 7th. This report provides information on the number of jobs added or lost in the US economy during the previous month, and it is considered a key indicator of the country’s economic health.
If the non-farm payrolls report shows strong job growth, it could further strengthen the US dollar and push the EUR/USD currency pair lower. On the other hand, if the report is weaker than expected, it could lead to a reversal of the bearish trend and potentially push the euro higher.
In addition to the non-farm payrolls report, there are other economic indicators that traders will be watching closely. These include the US ISM Manufacturing PMI, which measures the health of the manufacturing sector, and the Eurozone GDP report, which provides information on the overall economic growth of the region.
Overall, the EUR/USD currency pair is currently showing a bearish trend at 1.07, and traders are anticipating a significant data release that could impact its movement. As always, it is important for traders to stay informed and keep a close eye on economic indicators in order to make informed trading decisions.
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- Source: Plato Data Intelligence.
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