EUR/USD Analysis – Here's EUR/USD Forecast Ahead of NFP Data!

<p>&nbsp;For the opening of the market in early September, the direction of price movement is seen to be increasingly uncertain ahead of the United States (US) NFP employment data report that will be published in the New York session yesterday.</p><p><br /></p><p>The US dollar at the end of August yesterday showed a recovery after experiencing a significant decline last Wednesday due to the decline in US economic data published.</p><p><br /></p><p>The declining ADP jobs report sent a negative signal for tonight's NFP data, and the second reading of US economic growth for the second quarter of 2023 was down from the first reading published last month.</p><p><br /></p><p>The direction of movement will be clearer after the NFP data is published later tonight, which will give an indication of the direction of the Federal Reserve's (Fed) monetary policy.</p><p><br /></p><p><br /></p><p><br /></p><p>If you look at the chart of the EUR/USD currency pair, the decline of the US dollar last Wednesday has pushed the price up to a high of 1.09450.</p><p><br /></p><p>However, the rising pattern did not continue on Thursday yesterday when the price returned to show a decline again below the 1.09000 zone.</p><p><br /></p><p>Until the end of the New York session, the price reached around 1.08400 and remained flat following the opening trading of the Asian session this morning (Friday).</p><p><br /></p><p><br /></p><p>With the price movement below the Moving Average 50 (MA50) barrier on the 1-hour time frame on the EUR/USD chart, signaling the bearish price pattern will continue.</p><p><br /></p><p>The price drop is expected to test the important zone at 1.08000 which managed to be a support for the price since last week, rather than experiencing a lower fall.</p><p><br /></p><p>If the price breaks below that zone, the downside risks reaching around 1.07000.</p><p><br /></p><p>However, if there is a rebound after the reaction to the NFP data is published, the price is likely to break through the MA50 barrier and the 1.09000 zone to challenge again the heights reached last Wednesday.</p><p><br /></p><p>The next price increase will be towards the target level at 1.10000 to record the latest 3-week high.</p>