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EUR/USD holds near 3-month low, nonfarm payrolls eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 5, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/USD is going through a consolidation phase as investors adopt a wait and see mode ahead of the US nonfarm payrolls report due tomorrow.

    EUR/USD fell sharply on Wednesday as the dollar strengthened after Fed Chair Yellen said December was a live meeting and the decision on hiking rates will still depend on economic data. As such, US employment figures will be closely scrutinized.

    After bottoming out at 1.0833, EUR/USD managed to recover some ground but the upside has remained capped by the 1.0900 area, confining the pair to a sideways phase. At time of writing, euro-dollar is trading at 1.0875, little changed since opening.

    EUR/USD key levels


    In terms of technical levels, next supports are seen at 1.0808 (July low), 1.0784 (Apr 24 low) and 1.0700 (psychological level). On the flip side, short-term resistances could be found at 1.0967/72 (Nov 4 high/10-day SMA), 1.0995 (10-day SMA) and 1.1071 (Oct 30 high).
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