EUR/USD drops to lows on Payrolls

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 (Edinburgh) - The selling pressure around the single currency is now picking up pace, dragging EUR/USD to test fresh daily lows.

    EUR/USD weaker on US data

    The pair has seen its downside intensified after US Non-farm Payrolls have surprised markets to the upside, showing the economy has created 271K jobs during October vs. September’s 137K (revised from 142K). In addition, the unemployment rate ticked lower to 5.0%.

    Next on tap will be the Consumer Credit Change ($17.5 billion exp.) along with speeches by Fed’s Bullard and Brainard.

    EUR/USD levels to watch

    As of writing the pair is down 1.48% at 1.0715 facing the next support at 1.0600 (lpsychological level) ahead of 1.0519 (low Apr.13) and finally 1.0456 (2015 low Mar.16). On the flip side, a breakout of 1.0988 (76.4% Fibo of 1.1496-1.0832) would open the door to 1.1034 (downtrend from 1.1496) and then 1.1099 (200-day sma).
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