EURUSD: Euro Hovers Around 1.1985 Ahead Of NFPs

Today, all eyes will be on the US non-farm payroll report. The US economy is expected to add 50,000 new jobs in January, although the actual number may well overshoot the median consensus.

The EURGBP cross continues to hold at the current level, but there is still a risk that the pair will slide 40 pips to 0.8707. If the decline in this cross picks up momentum, the euro will drop to 1.1925 (on the back of a rising dollar). If the cross declines alongside a depreciating dollar, the price action will continue to hover in the range of 1.1950-1.1960. Today’s wildcard is the NFP report. This indicator is unpredictable, so uncertainty will persist on the market until 13:30 GMT. 

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Disclaimer: Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial ...

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