EUR/USD flat-lined around hourly 200-SMA, awaits NFP

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/USD is seen trading in a 15-pips narrow range over the last few hours, with sellers capping the minor-recovery just shy of 1.0960.

    EUR/USD holds above 100-DMA support at 1.09220

    Currently, EUR/USD trades -0.07% lower at 1.0949, oscillating back and forth around hourly 200-SMA placed at 1.0948. The main currency pair’s minor recovery from 1.0935 session lows lost steam and the prices now consolidate, awaiting further direction from the US labour market report, with the focus this time on wages besides, the payrolls numbers. The US non-farm payrolls data is expected to show 195k job additions in the US economy last month, against 151k registered in Dec.

    The EUR/USD pair witnessed fresh selling in the Asian session after US dollar corrected higher following weaker US data backed steep losses. At the moment, the USD index gains 0.09% to trade near 98.70.

    EUR/USD Technical Levels

    In terms of technicals, the pair finds the immediate resistance at 1.0975 (50-DMA). A break beyond the last, doors will open for a test of 1.1000 (psychological mark). On the flip side, the immediate support is placed at 1.0924/22 (daily pivot/ 100-DMA) below which at 1.0900/1.0887 (round figure/ 1h 100-SMA) could be tested.
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