EUR/USD: headed to 1.0200

Currently, EUR/USD is trading at 1.0632, up 0.34% on the day, having posted a daily high at 1.0641 and low at 1.0584.

EUR/USD has recovered from the late European supply while the US dollar is trading heavily against most of the major currencies. Analysts expect EUR/USD to hit a low of 1.02 in 1Q17, driven by US 10-year yields pushing through 2.50%. "The political risk premium of, in particular, the French Presidential election will also weigh on the EUR. Baseline view of ECB announcing tapering in June 2017 and 15% undervaluation to drive a modest EUR/USD recovery into year-end."

Nonfarm payrolls preview - Nomura

EUR/USD levels

Spot is presently trading at 1.0633, and next resistance can be seen at 1.0641 (Daily High), 1.0646 (Weekly High), 1.0659 (Daily Classic R1), 1.0663 (Weekly Classic R1) and 1.0668 (Yesterday's High). Next support to the downside can be found at 1.0616 (Hourly 20 EMA), 1.0615 (Hourly 100 SMA), 1.0606 (Daily Classic PP), 1.0605 (Hourly 200 SMA) and 1.0597 (Daily Open).