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EUR/USD challenges 1.0900 on upbeat NFP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The selling interest around the shared currency is now growing bigger, sending EUR/USD to test the 1.0900 neighbourhood post-Payrolls.

    EUR/USD turns negative, gains capped by 1.10

    Spot has surrendered most of the strong advance to the vicinity of 1.1000 the figure at the end of the week after US Non farm Payrolls have surprised investors to the upside, showing the economy has created near 250K jobs vs. 190K initially forecasted. On the not so bright side, Average Hourly Earnings have contracted 0.1% MoM while Average Weekly Hours dropped to 34.4 from 34.6.

    Further data showed the trade deficit ticking higher to nearly $45.70 billion during January.

    EUR/USD levels to watch

    The pair is now retreating 0.39% at 1.0919 facing the next support at 1.0823 (low Mar.2) followed by 1.0777 (low Jan.21) and finally 1.0709 (2016 low Jan.5). On the flip side, a breakout of 1.1047 (200-day sma) would open the door to 1.1079 (20-day sma) and then 1.1123 (38.2% Fibo of December up-move).
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