Traders reduce USD positions before June Nonfarm Payrolls, lifting EUR/USD to 1.1407 despite broader bearish trends.
The EUR/USD pair climbed to 1.1407 on Thursday as investors trimmed US Dollar long positions ahead of the June Nonfarm Payrolls report. The move follows a 2% decline in June, the Euro’s weakest monthly performance since July 2023, though the pair remains below key resistance at 1.1435.
Consensus forecasts a 110K net jobs increase for June, down from 172K in May, with the unemployment rate expected to hold at 4.3%. Strong US economic data and persistent inflation have fueled expectations of further Federal Reserve rate hikes, supporting the USD.
Technical indicators suggest consolidation rather than a clear bullish reversal, with the pair trading below a descending trendline from mid-April highs. The four-hour RSI remains near neutral, while the MACD stabilizes around zero.