EUR/USD: Attempting to break above hourly 50-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 6, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The EUR/USD is off the lows, but is struggling to rise above the confluence of the hourly 50-MA and 10-MA located at 1.0875 levels.

    EUR –vulnerable to strong NFP?

    The EUR appears as the most vulnerable major currency in case the NFP blows past estimates and leads to a rise in the December Fed rate hike bets. This is because the ECB has hinted at more easing in December.

    The data due in a couple of hours is likely to show the US economy added 180K jobs in October, leaving the unemployment rate unchanged around 180K.

    EUR/USD Technical Levels

    The immediate resistance is located at 1.09, above which the pair could target 1.0951 (hourly 100-MA). The next resistance is seen at 1.0969 (hourly 200-MA). On the other side, support is seen at 1.0863 (daily low) and 1.0833 (previous day’s low).
    For more information, read our latest forex news.

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