Current trend
Yesterday the pair substantially grew amid weakening in the US Dollar, which was pressured by poor data on the ISM Manufacturing PMI from the US. In August, the index fell from 52.6 points to 49.4 points while economists predicted a fall to only 52.0 points.
Today extra attention needs to be paid to data on the US labour market. According to forecasts, the Unemployment Rate will fall to 4.8% while the Nonfarm Payrolls will amount to 180 thousands. Data below forecasts might significantly pressure the Dollar, as it would decrease the chances of an interest rate hike by the Fed in September.
High volatility is expected on the market. Traders should refrain from opening new positions before the publication.
Support and resistance
The nearest support level: 1.1126.
The nearest resistance level: 1.1207.
Trading tips
Long positions can be opened from the level of 1.1207 with the target at 1.1255 and stop-loss at 1.1190.
Yesterday the pair substantially grew amid weakening in the US Dollar, which was pressured by poor data on the ISM Manufacturing PMI from the US. In August, the index fell from 52.6 points to 49.4 points while economists predicted a fall to only 52.0 points.
Today extra attention needs to be paid to data on the US labour market. According to forecasts, the Unemployment Rate will fall to 4.8% while the Nonfarm Payrolls will amount to 180 thousands. Data below forecasts might significantly pressure the Dollar, as it would decrease the chances of an interest rate hike by the Fed in September.
High volatility is expected on the market. Traders should refrain from opening new positions before the publication.
Support and resistance
The nearest support level: 1.1126.
The nearest resistance level: 1.1207.
Trading tips
Long positions can be opened from the level of 1.1207 with the target at 1.1255 and stop-loss at 1.1190.