US Nonfarm Employment Change measures the change in the number of newly employed people in the US, excluding workers in the farming industry. A reading which is higher than the market forecast is bullish for the dollar. Here are the details and 5 possible outcomes for EUR/USD. Published on Friday at 13:30 GMT. Indicator Background Job creation is one of the most important leading indicators of overall economic activity. The release of US Non-Farm Employment Change is highly anticipated by the markets, and an unexpected reading can affect the direction of EUR/USD. Nonfarm Employment Change was outstanding in October, jumping to 271 thousand. This crushed the estimate of 181 thousand. The markets are expecting a sharp drop in November, with the forecast standing at 201 thousand. Will the indicator repeat and beat the estimate? Sentiment and Levels Draghi has a tendency to surprise the markets, and the ECB is expected to announce additional monetary easing later on Thursday. This could lead to a further drop towards parity. Continuing speculation that the Fed will raise rates later in the month continues to bolster the dollar. So, the overall sentiment remains bearish on EUR/USD towards this release. Technical levels, from top to bottom: 1.0710, 1.0630, 1.0566, 1.0530, 1.0460 and 1.03. 5 Scenarios Within expectations: 196K to 205K. In such a scenario, the EUR/USD is likely to rise within range, with a small chance of breaking higher. Above expectations: 206K to 212K: An unexpected higher reading could send the pair below one support line. Well above expectations: Above 212K: The chances of such a scenario are low. Such an outcome could push the pair lower and two or more support lines could fall as a result. Below expectations: 189K to 195K: A weaker reading than forecast could result in EUR/USD breaking above one resistance line. Well below expectations: Below 189K. In this scenario, the pair could break through two or more resistance lines. For more about the euro, see the EUR/USD forecast. Kenny Fisher Kenny Fisher Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer. Kenny's Google Profile View All Post By Kenny Fisher Opinions share Read Next Draghi Day – will EUR/USD hit new lows? Yohay Elam 7 years US Nonfarm Employment Change measures the change in the number of newly employed people in the US, excluding workers in the farming industry. A reading which is higher than the market forecast is bullish for the dollar. Here are the details and 5 possible outcomes for EUR/USD. Published on Friday at 13:30 GMT. Indicator Background Job creation is one of the most important leading indicators of overall economic activity. The release of US Non-Farm Employment Change is highly anticipated by the markets, and an unexpected reading can affect the direction of EUR/USD. Nonfarm Employment Change was outstanding in October, jumping… 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.
