EUR/USD retreats to 1.1228 as the US Dollar regains momentum, with traders bracing for upcoming US Nonfarm Payrolls data to provide further direction.
EUR/USD retreated from a day’s high of 1.1268 to about 1.1228 on 5 November as the US Dollar rebounded, erasing almost all of the Euro’s early gains. That price action points to near-term pressure on the pair, though the pending US NFP release could quickly change direction.
It is flattening around 1.1228 after retreating from a day’s high of 1.1268.
US Nonfarm Payrolls (NFP) data.
The Euro surrendered its early session gains against the US Dollar on Thursday, retreating from a high of 1.1268 to trade flat at 1.1228. Market participants are now sidelined as they await critical US Nonfarm Payrolls data, which is expected to dictate the next major move for the currency pair.
The pair is consolidating at 1.1228 as the market enters a wait-and-see mode ahead of the upcoming US Nonfarm Payrolls report.
The primary catalyst is a rebound in the US Dollar during the European session, which has offset earlier gains made by the Euro.