EUR/USD rejected near 1.11 in Asia, possibly due to risk aversion. EUR/USD could drop below 1.10 if the US non-farm payrolls data blows past expectations. Bull hammer reversal likely if the data misses estimates. EUR/USD is currently trading at 1.1075, representing 0.10% losses on the day, having hit a high of 1.1097 in the Asian session. The pair faced rejection near 1.11, possibly due to risk off tone in the global markets. Asian equities are down, tracking the overnight loses on the Wall Street, courtesy of President Trump’s re-escalation of trade tensions with China. The risk-off tone will likely overshadow Eurozone producer price index and retail sales data scheduled for release at 09:00 GMT. Later in the data, the focus would shift from trade tensions to the US monthly labor market report. Non-farm payrolls due at 12:30 GMT The data is forecasted to show the US economy added 164K jobs in July, having added 224K jobs in June. The jobless rate is forecasted to remain steady at 3.7%. The average hourly earnings are forecasted to rise 3.2% year-on-year in July, following a 3.1% rise in June A better-than-expected US data will likely lift yields and push EUR/USD below 1.10. A combination of escalating trade tensions and a below-forecast US payrolls figure could strengthen the case for additional rate cuts by the Federal Reserve in the near future, leading to broad-based losses in the US Dollar. The EUR pairs may also move following President Trump’s announcement on trade matters with the European Union due at 13:45 EST. Read: US Non-Farm Payrolls Preview: Look back, no one is gaining Today’s close pivotal EUR/USD charted a bullish hammer on Thursday, a warning of a potential bearish-to-bullish trend change. The trend change, however, would be confirmed only if the pair closes today above 1.1096 (hammer candle’s high). Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/JPY technical analysis: June low holds the key to further declines, RSI oversold FX Street 4 years EUR/USD rejected near 1.11 in Asia, possibly due to risk aversion. EUR/USD could drop below 1.10 if the US non-farm payrolls data blows past expectations. Bull hammer reversal likely if the data misses estimates. EUR/USD is currently trading at 1.1075, representing 0.10% losses on the day, having hit a high of 1.1097 in the Asian session. The pair faced rejection near 1.11, possibly due to risk off tone in the global markets. Asian equities are down, tracking the overnight loses on the Wall Street, courtesy of President Trump's re-escalation of trade tensions with China. The risk-off… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
