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EUR/USD off highs, around 1.0950 ahead of 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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    Yesterday’s strong recovery of EUR/USD seems to have run out of steam near 1.0980, returning to the mid-1.0900s after the Asian closing bell.

    EUR/USD attention to Payrolls

    Spot has strongly rebounded on Thursday in response to a wave of selling interest hitting the dollar, prompting EUR to quickly leave behind the area of recent lows near 1.0820 and re-focus on the psychological handle at 1.1000 instead.

    Absent releases in Euroland today, market participants expect the usual pre-Payrolls lull to prevail ahead of the NA session. Consensus expects the US economy to have added 190K jobs during February vs. 151K previous.

    EUR/USD levels to watch

    The pair is now losing 0.06% at 1.0955 and a break below 1.0823 (low Mar.2) would target 1.0777 (low Jan.21) en route to 1.0709 (2016 low Jan.5). On the other hand, the next up barrier aligns at 1.0972 (55-day sma) ahead of 1.1047 (200-day sma) and then 1.1123 (38.2% Fibo of December up-move).
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