EUR/USD in wait-and-see mode close to 1.1300 ahead of key US jobs report, eyes potential pennant breakout By Frank_Macro EURUSD Fed NFP
ed will implement its first rate hike in December or not. The pair has been content thus far on Friday’s session to languish within recent ranges close to the 1.1300 level and has in recent hours been swinging either side of its 21-day moving average at 1.1306. EUR/USD’s recent trading patterns have been a dream for technicians who like to play the range; since the end of November, the pair has been locked within a 1.1220s to 1.1380s ish range.
In wake of this week’s decisively hawkish Fed minutes that triggered a surge in US yields and a further widening of US/Eurozone rate differentials, a decent labour market report , risks do seem tilted to the downside for the pair. Indeed, numerous FX strategists have been disappointed at the dollar’s inability to gain substantial ground this week.
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