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At the beginning of the week, the US dollar was unstable. At the moment, the currency has no chances to gain in value. The euro is trying to make use of the US dollar weakness, but it is not always successful.
After the drop logged last week, the greenback tried to recover and reach new peaks. This became possible because of a slight decline in the euro and bearish sentiment in the market. Early on Monday, September 6, the euro/dollar pair was trading at the level of 1.1875. According to experts, the resistance level is located at 1.1891, whereas the support level is at 1.1834.
Some analysts suppose that in the near future, the pressure on the euro will only rise. Such predictions could become true, if the price breaks the level of 1.1864, thus opening the way to 1.1834 and 1.1796. If bears fail to break the level of 1.1864, the pair is likely to remain hovering within the range of 1.1864-1.1891. Later today, the pair was trading near 1.1860.
Although the US dollar fell last week, it proved to be resistant. The euro/dollar pair remained stable despite disappointing data from the US Labor Department. According to the report, the number of employed people in the US inched up just by 235 thousand, whereas economists had expected an impressive jump of 750 thousand. Against this background, the pair advanced to 1.1908 and then dropped. It failed to consolidate at the key level of 1.1900.
A further rise will take place only if the US dollar bulls become extremely active. Analysts foresee a large rally with a break of the level of 1.1900 and a new peak of 1.2000. Such a surge may occur just after the ECB's meeting that is scheduled on Thursday 9.
Meanwhile, the disappointing data on the US employment is likely to deter the US Fed from closing the stimulus programs. Earlier, the regulator was planning to discuss the issue at the upcoming meeting on September 21-22. Economists at Wells Fargo think that the weak figures on US employment are likely to disappoint the FOMC members, who expect a rise in the indicator to plan further actions.
Currency strategists at Capital Economics are almost sure that the recent report for August will hardly allow the monetary authorities to close stimulus programs at the September meeting.
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