EUR/USD: today's job stats are eagerly awaited

The EUR should remain under pressure until the publication this afternoon at 14:30 (EU time) of a battery of macroeconomic statistics concerning the American labor market. Traders have recently favored the dollar with the rise in US yields caused by two events. First, the unexpected downgrade of Washington's credit rating by the rating agency Fitch, then the announcement by the Treasury that it would increase its issuance of long-term debt this quarter, in order to fill the growing gap between tax revenue and public expenditure. As a result, US Treasury yields hit their highest level in nine months. As long as the European currency remains above its 50-period moving average in daily data, the bias remains bullish in the medium term.

MEDIUM TERM FORECAST
In view of the key graphic factors that we have mentioned, our opinion is positive in the medium term on the EUR/USD parity.

Our entry point is at $1.0942. The price target of our bullish scenario is at $1.1300. To preserve the capital invested, we advise you to position a protective stop at $1.0824.

The expected return of this strategy is 358 pips and the risk of loss is 118 pips.