EURUSD Weekly Forecast: Boom! NFP upward surprise to put King Dollar in the bullish path The EURUSD pair posted its largest weekly gain since March 2020, adding roughly 350 pips to reach a fresh 2022 high of 1.1483, to now trade at around 1.1430.
ECB’s President Christine Lagarde surprised market players with a hawkish stance.EUR/USD will likely have a hard time extending its latest rally if it loses 1.1400.posted its largest weekly gain since March 2020, adding roughly 350 pips to reach a fresh 2022 high of 1.1483, to now trade at around 1.1430.
The dollar came back on Friday after the country published the January Nonfarm Payrolls report. Investors were heading into it, anticipating a tepid outcome, but the US managed to add 467K new job positions, tripling the expected 150K. The Unemployment Rate ticked higher to 4%, while the Participation Rate jumped to 62.2%, signaling quite a healthy recovery in the sector.
and the preliminary estimate of the February Michigan Consumer Sentiment Index. Germany will also unveil the final reading of its January CPI.shows that technical indicators have bounced from oversold readings but that they remain within negative levels, although maintaining firmly bullish slopes. At the same time, the pair has managed to surpass a bearish 20 SMA but trades a handful of pips below a bearish 200 SMA, providing dynamic resistance at around 1.1500.
On the other hand, the pair needs to advance beyond 1.1500 to return to the bullish path and extend its rally towards the 1.1620 price zone. , the EUR/USD pair is neutral in the near term but posed to resume its slide afterwards. The monthly and quarterly perspectives show that over 70% of the polled experts are betting on the downside, while less than 20% are expecting gains above the current level.
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