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EUR/USD a tad lower near 1.0930, NFP eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The shared currency is taking a breather following the unprecedented spike on Thursday, with EUR/USD now navigating the low-1.0900s ahead of the US docket.

    EUR/USD attention to NFP

    Spot has gained more than 4 big figures yesterday, after the ECB has decided to ‘wait-and-see’ and refrain from delivering the dovish tone anticipated by the vast majority of market participants.

    The pair advanced from the 1.0520 area to the boundaries of the psychological handle at 1.1000 the figure towards the end of the NA session, posting 4-weeks highs and a major upside reversal at the same time.

    Ahead in the session, the recent upside will be put to the test in light of the release of the Non-farm Payrolls, with consensus expecting the US economy to have added 200K jobs during November.

    EUR/USD levels to consider

    At the moment the pair is losing 0.22% at 1.0926 facing the next support at 1.0753 (23.6% Fibo of 1.1496-1.0524) followed by 1.0524 (low Dec.3) and then 1.0519 (low Apr.13). On the upside, a breakout of 1.1036 (200-day sma) would target 1.1096 (high Oct.28) en route to 1.1124 (61.8% Fibo of 1.1496-1.0524).
    For more information, read our latest forex news.
     

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