EUR/USD: Mid to low 1.23 achievable on positive NFP

FXStreet (Bali) - Martin Schwerdtfeger, FX Strategist at TD Securities, notes that a target in the mid 1.23s in EUR/USD seems reasonable on a slightly better-than-consensus US NFP print later today.

Key Quotes

"In all, given the clarity we got today around the current state of affairs within the ECB, the USD will likely have to do the leg work to extend EURUSD's decline in the short term."

"Hence, thinking about US non-farm payrolls tomorrow, it would take a large upside surprise with all the right details to leave the pair in the low 1.23 area after the dust settles."

"Mid 1.23s seems reasonable on a slightly better-than-consensus print. Longer term, the downward trend remains well-entrenched."