(DAILY NOTION) EUR/USD Bears Might Remain in Control, Next Mover: November U.S. NFP Data Release

Illustration photo of EUR/USD daily chart from Tradingview

EUR/USD managed to get below 1.2325 and is currently trading around 1.2310. As investors eye the upcoming EU inflation and the upcoming U.S. nonfarm payroll data, the EUR/USD pair is wavering today.

The monthly Automated Data Processing (ADP) report was a mess. In a sign that the economy was cooling, the American economy lost more than 123,000 private-sector jobs based on the data given. This was mostly due to the state's lockdown imposed last month.

As for today, investors will be focus on the upcoming stimulus in the United States after Democrats took control of congress. There is a possibility that the government will launch another stimulus package this month. Besides that, investors will also keep an eye on the inflation data from the EU, European Central Bank (ECB) minutes and retail sales. Also, investors will be focus to the U.S. jobless claims data.

As reported by Vladimir Zernov, He pointed out that EUR/USD will move towards the next support level at 1.2280 if declines below the support level at 1.2310. EUR/USD will declines further to 1.2250 if manage to settle below the 1.2280 level.

On the upside, he pointed out that to continue the upside move for EUR/USD, it need to get back above the1.2325 level. The next resistance level for EUR/USD will be at 1.2350. EUR/USD will push towards the next resistance level at 1.2400 if moves above the resistance level at 1.2350.

FOLLOWME EUR/USD Overall Sentiment (As of 04:50 p.m., Jan 07, 2021),

Short - 45.35%

Long - 54.65%

For information please refer to Vladimir Zernov.