The euro remains strongly bearish against the U.S dollar, heading into today’s October U.S jobs report. The EURUSD pair has repeatedly struggled to gain upside traction above the 1.1670 level this week, with numerous technical rejections. Price-action currently trades around the 1.1640 region, as traders await the release of the NFP jobs report, with expectations of a solid 300,000 new U.S jobs added in the previous month.
The EURUSD pair is likely to remain under heavy selling pressure while trading below the key 1.1670 level. Further selling towards 1.1610 and 1.1580 should be expected, extended resistance is found at the 1.1510 level.
Should price-action move back above the 1.1670 for a sustained period, further upside towards the 1.1713 and 1.1771 levels remains likely.
