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Oct 05 - 11:55 AM

EUR/USD - COMMENT-US Jobs Key, But EUR/USD Downside Appears Likely For Now

By Christopher Romano  —  Oct 05 - 10:20 AM

EUR/USD's rally off the Sept.
30 daily low appeared to be fizzling on Tuesday ahead of key U.S. jobs data later this week as rates and technicals weighed following its failure to mount a serious assault on the 10-day moving average during the previous session.

The dollar was bid on rising US rates with the corrective pull back in U.S. 10-year yields US10YT=RR looking complete as it rose to a 3-session high, with rising daily RSI implying upward momentum.
December 2022 eurodollars fell after the rally off the September monthly low reversed on Monday and a doji candle formed.

EUR/USD was consolidating its recent fall while trading below the downward sloping 10-DMA, with daily RSI is falling after unwinding its oversold condition.
Though still early in the month, a gravestone doji candle has formed for October, reinforcing bearish technical signals.

EUR/USD longs will need a very disappointing September U.S. jobs report to challenge Fed tapering plans.

An upbeat jobs report should drive U.S. rates and the dollar higher.
EUR/USD's down trend should then resume.

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Source:
Refinitiv IFR Research/Market Commentary

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