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US Stimulus Deadlock kept the Euro in a range – EUR/USD Market Outlook – 02/10/2020

SquaredFinancial

The Euro slips back to 1.17 in the Asian session as President Trump tweeted that he tested positive for COVID-19. The pair will likely suffer a bigger drop today if the Eurozone CPI for September prints below estimates. With weak data, markets may begin pricing higher odds of the ECB adopting a more relaxed approach to control inflation by the year-end, similar to the Fed. Later in the day, the focus would shift to the US NFP report, which is expected to show the economy added 850,000 jobs in September and a drop in the unemployment rate. However, price remains in a range for now as we await for a break above 1.1755 or below 1.17 to confirm the next possible direction.

Support: 1.17/ 1.1615
Resistance: 1.1755 / 1.1815

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/us-stimulus-deadlock-kept-the-euro-in-a-range-eur-usd-market-outlook-02-10-2020
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