In order for this week’s trading to close at my projected level around 1.1580, the bears need to go on the attack today. For the time being, they’re holding off ahead of today’s NFP report in the US, which comes out at 15:30 (GMT+3).

If the NFP report disappoints market participants today, there’s a risk of returning to 1.1720 over the following 3 hours. I don’t make market predictions on payrolls day. If the actual figures significantly diverge from projections, we can expect volatility within a 100 – 150 pip range.

There aren’t any important news releases from Europe expected. The market often consolidates within a narrow range ahead of the NFP report. Don’t be surprised if the pair continues to trade at around 1.1635 up until 15:30 (GMT+3).

Markets are jittery over the possibility of even more tariffs being imposed on Chinese imports to the US, so pressure on the euro will remain even if it moves upwards at 15:30.
Source: Exchange rates | Live currency rates | Currency exchange rates for today at