- EUR/USD keeps a bearish bias around 1.1700.
- US Nonfarm Payrolls underwhelmed at 661K in September.
- US final U-Mich consumer confidence index up next
- EUR/USD continues to hover around its 2-day lows around 1.1700 on Friday.
EUR/USD sees support at 1.1690
EUR/USD is expected to finish the week on the front foot, with mild gains, paring some of the losses from last week. The pair sold off sharply in the previous week to 1.1600 figure.
The US Dollar is boosted by the souring mood following news that President Trump tested positive for COVID-19.
Eurozone inflation figures revealed that disinflation continues in the region. CPI gained 0.1% MoM and contracted 0.3% YoY. The core CPI increased +0.2% month on-month
The US saw 661K jobs added during September, missing forecasts (850K) and around half of August’s nearly 1.5M jobs (revised higher). Additionally, the unemployment rate ticked lower to 7.9% (from 8.4%).
EUR -what to watch
EUR/USD sees 1.1770/80 (55-SMA) as a strong resistance
The outlook remains bullish. Any move southwards is considered corrective only. Encouraging domestic fundamentals support the bullish bias as do calm US-China trade relations and a steady stance from the ECB.
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