The Euro was able to find some support last Friday towards the end of the European trading session after the latest Non-farm payrolls report fell short of expectations and showed the US job market may not be in as great shape as some analysts thought.
The latest NFP figures hit the market at 559k against analysts expectations for a figure of 650k, and failed to deliver the same surprise to the market to the upside as the ADP report did the previous day which saw the USD skyrocket against the major currencies
On the back of this latest news, the US Federal Reserve will feel less pressure to start lifting interest rates and in the short to medium term, this should provide some support to the Euro, and we can see this is evident at the start of today’s trading session with the USD/EUR currency pair remaining motionless.
With no major economic news out today the currency pair should stay quiet throughout the day as the market awaits major news from tomorrow such as the GDP figures from the Eurozone
As we can see on the chart, the previous support level is now acting as a resistance level for the Euro and as mentioned, with no major news out today it may have a hard time to break up through this level.
With interest rates in the US seemingly on hold for now investors will likely focus more on economic data from the Eurozone and this will likely dictate the direction of the Euro over the coming week.