Chart Image: EUR/USD is at a support point ahead of the US NFP release!

Looking for institutions to trade during the release of the US NFP report?

We have it!

In case you missed it, EUR/USD is chilling like a rogue near a technical support level ahead of Uncle Sam’s employment updates.

EUR/USD 4-hour Forex chart by TradingView

The euro is NOT having a great month yet, as increasing calls for another rate cut from the European Central Bank (ECB) in October and increased tensions in the Middle East limit demand for the single currency.

The US dollar, on the other hand, is regaining some pips against its peers as safe-haven demand and easing calls for aggressive Fed rate cuts bring some bulls back to the Greenback market.

Keep in mind that directional biases and volatility in market prices are generally driven by fundamental factors. If you haven’t done your homework on the US dollar and the euro yet, it’s time to check the economic calendar and stay on top of daily fundamental news!

EUR/USD, which fell from the 1.1200 area in late September, has fallen to the 1.1050 levels which were a resistance zone in August and a support area in September.

Apart from that, the 1.1000 – 1.1050 area corresponds to the bottom of a range pattern and the S2 (1.1021) pivot point in the 4-hour time frame.

Do we see a revival in the making?

Today US NFP report can be a catalyst. There are rumors that Uncle Sam will see weaker employment data in September, which could fuel hopes for more Fed rate cuts and weaken the dollar.

Green candlesticks and continued trading above 1.1050 mean that EUR/USD could make a possible jump towards the 1.1100 mid-range, if not the 1.1200 resistance zone.

However, if today’s events result in a net bullish USD environment, then we could see a EUR/USD trade below its support range. Expect consistent trading below 1.1000, which could attract USD buyers and drag EUR/USD towards potential inflection points like 1.0900 in the coming days.

Good luck and good trading in this setup!