EUR/USD - EUR/USD Awaits Non-Farm Payrolls Report! - 12/02/2016 (GMT)

The focus for the common currency is the NFP report later today and the Italian referendum on Sunday. The non-farm payrolls report could drive the EUR/USD pair in either direction. A positive for the economy report will plunge the price lower and will probably create a new low near the 1.0460 support level. On the other hand, if the U.S. economy adds less than expected jobs, the pair will penetrate the 1.0690 resistance level and will open the way for the 1.0850 strong critical level.

Technical indicators seem to be confused as they are following a negative territory while are moving higher. The Relative Strength Index (RSI) entered into the negative territory after it tested the oversold area and now is approaching the 50 level while is sloping upwards. The MACD oscillator is holding above its trigger line and it is rising but is still below the zero line.