EUR/USD has been volatile for last months, but it showed a consistent growth from the start of 2017. After elected President Donald Trump had made a few bold decisions, the greenback weakened against the euro. The FOMC meeting minutes was revealed on the first day of this month. The federal funds rate remained unchanged at 0.75% which brought some volatility but created no noticeable pressure in the market. Today some key reports are scheduled to be published such as the US unemployment claims which previously was 259K and forecasted to be 251K. As NFP is only a day away, the market is likely to be quite volatile in these remaining two days of the week.
From the technical point of view, since the beginning of 2017 the market has been bullish with some corrective gains towards the recent spike at 1.0850. Currently, the market is above 1.0750 and the bullish bias continues. As the market is above the support area between 1.0715 and 1.0770, we will be looking for some retracement towards the support area. If we get any bearish rejection on the intraday charts, we will watch for buying opportunities with a target towards 1.0850 level.
