When the European market opened, the euro went down as U.S. long-term interest rates rose. It dropped to 1.1747. However, during New York hours, the ADP jobs report showed weaker results than expected, and people quickly bought the euro again. This pushed the price back above 1.18, showing strong support at the lower level.
But many people now have long positions (buying the euro), so we need to be careful after today’s official U.S. jobs report. If the euro cannot go above yesterday’s high of 1.1829, there may be some selling before the U.S. holiday.
Still, the trend of selling the dollar is expected to continue, so any drop in the euro may not be very big.
Expected Range for EUR/USD: 1.1740 – 1.1830
Note: This information does not guarantee profits. Please make your own decisions when trading.