Today we have the US jobs report due for release, and the big question is whether it will actually matter for markets. At the moment, the overwhelming focus is on Iran and the broader Middle East situation—particularly what is happening with oil prices.
EUR/USD is holding near 1.1620 on Friday, with the US dollar on track to gain approximately 1% by the end of the week. The dollar is benefiting from safe-haven demand amid the escalating conflict in the Middle East and rising crude oil prices.
The euro remains under pressure against the US dollar, with the 1.15–1.16 area acting as key support and a break below it potentially opening a deeper move toward 1.11.
The US dollar strengthened broadly this week as the escalating Iran conflict drove oil prices higher and reinforced the greenback's advantage over energy-importing currencies such as the euro and the Japanese yen. Latest — Exchange Rates:Pound to Dollar (GBP/USD): 1.33635 (+0.05%)Euro to Dollar (EUR/USD): 1.16036 (-0.03%)Dollar to.
The pair managed to meet the target of 1.1580. As we see from the chart, market trend support is at 1.1530-60 which could push for a rebound towards 1.1725.
EUR/USD trades sideways around 1.1600 as US NFP takes centre stage
EUR/USD Price Forecast: Eyes nine-day EMA barrier after rebounding from 1.1600
EUR/USD finds itself at a critical technical and fundamental juncture. After a volatile week defined by a “flight to safety,” the pair has broken back below the psychological 1.1600 barrier.
EUR/USD weakens toward 1.1600 as firm US data revives the US Dollar
EUR/USD faces a critical test at 1.1578 support, driven lower by geopolitical tensions (Middle East, Iran leadership succession) and a cautious ECB, contrasting with a strong US economy. The imminent NFP report is set to determine the pair's next major move toward 1.1500 or a rally above 1.1670.
In the last couple of days, markets are increasingly attempting to price in the possibility of easing geopolitical tensions in the Middle East. We have seen, equity markets have staged a modest recovery, while the euro has stopped falling.
On 3 March, the EUR/USD pair fell below the January low (around 1.15777), establishing the lowest level of the year. As of today, 5 March, the chart shows signs of a continuation of bearish momentum.