The EUR/USD pair this morning of the American session is trading, above the 21-day EMA and above the 7/8 of murray at 1.2169, we can see that today, prior to the data that will be published in the United States, the market has remained within a range of 20 pips, which is likely that after these data the trend of the pair will be defined.
In the United States, this Friday, December 4 at 8:30 am, GTM-5 the Labor Department will publish the non-farm payroll report for the month of November. The US economy is expected to have added 481,000 new jobs last month, down from the previous 638,000. However, the unemployment rate is forecast to improve from 6.9% to 6.8%. If these data are worse than expected, the dollar is likely to weaken and the euro will have bullish momentum.
On the technical level, we notice in the 1-hour chart, EUR/USD is following a clear-cut uptrend. It only has the support of 1.2146 (7/8). If the pair breaks this level, we are likely to see a downward movement or correction in the next few days. A daily close below that support could favor the pair’s correction.
On the other hand, if EUR/USD breaks support at 1.2146 and makes a pullback below this zone, it could be a good opportunity to sell this pair with a target of 1.2085 the 6/8 Murray zone and as final target until the 200-day moving average located at the 1.1990 area.
Our recommendation is that you trade this pair after the data is released in the United States, and only take short positions below the 21-day EMA (blue color) to avoid the risk of an imminent correction. Below we leave our forecasts for these days.
Trading tip for EUR/USD for December 04 – 07
Buy if the pair rebound around 7/8 of murray at 1.2145 with take profit at 1.2207 (8/8 murray), stop loss below 1.2110.
Sell if the pair breaks below 1.2135 with take profit at 1.2085 (6/8 murray) and 1.1996 (EMA 200), and stop loss above 1.2170.
The material has been provided by InstaForex Company – www.instaforex.com
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