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EUR/USD bids holding ground vs gravity on 1.0700

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - EUR/USD is currently trading on the bid at the mid-point of the 1.07 handle with a high of 1.0744 and a low of 1.0719.

    EUR/USD is firm on the 1.07 handle although trying to defy gravity and significant fundamentals after the Nonfarm Payrolls data had pretty much confirmed grounds for a 2015 hike from the Fed. From the US Nonfarm Payrolls data, the average hourly earnings posted the biggest year-over-year gain since 2009 and increased 0.4% vs the estimated 0.2% and previous 0.0% m/m, up 2.5% over the prev year. Markets are now pricing a Fed hike in Dec by 70%.

    EUR/USD levels

    Bears are now targeting the 1.0700 level, but bids are holding firm in a quiet start to the week. Below 1.0700 opens the 1.05 target and brings back the sentiment for parity. But there is plenty of congestion before 1.05 to deal with while RSI (14) is well over oversold levels on the 4hr and just a touch under 30 on the daily.
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