EURUSD forecast on Sep 3

EURUSD rose 0.32% yesterday making new highs on the daily chart. The US dollar failed to rally on strong economic numbers that we had over the last 2 days like strong ISM index and low numbers of unemployment claims. Today we expect an increased volatility after the release of the US Non-Farm Payrolls. 

The US dollar risks look assymetric:

  • if the number of new jobs is above 900K, there will be a strong rally in USD
  • If the number will be below 400K, expect to see further sell-off in the dollar
  • If the number are in line with forecasts, we still expect the dollar to fell further.