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EUR/USD fades the spike to 1.1250 post-NFP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The buying interest remained muted around the single currency following today’s Payrolls numbers, initially lifting EUR/USD to test fresh daily peaks near 1.1250.

    EUR/USD neutral on US data

    Spot has reverted the initial bearish tone climbing to fresh highs after the US economy has created 151K jobs during January, missing forecasts at 190K and lower than December’s 262K (revised from 292K). However, the pair has quickly faded the upside, returning to the 1.1200/1.1190 band.

    Further data saw the unemployment rate ticking lower to 4.9%, bettering the broad consensus, and Average Hourly Earnings advancing at a monthly pace of 0.5% vs. 0.3% previously estimated.

    EUR/USD levels to watch

    The pair is now advancing 0.03% at 1.1201 facing the next hurdle at 1.1300 (psychological handle) ahead of 1.1496 (high Oct.15) and finally 1.1713 (post-PBoC high Aug.24). On the downside, a breach of 1.1055 (200-day sma) would open the door to 1.0960 (100-day sma) and finally 1.0922 (20-day sma).
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