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EUR/USD remains capped by 1.0900 after US data

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 reached a fresh daily high only to quickly pullback as the greenback wavered following the release of the latest series of US data.

    US jobless claims jumped to 276K in the week ended Oct 31, hitting a 2-month high, versus 264K expected. Meanwhile, labor costs rose by 1.4% in Q3 versus 2.3% expected.

    EUR/USD extended its recovery from a 3 ½-month low of 1.0832 and stretched to a high of 1.0897 but failed to regain the 1.09 mark and retreated to pre-data levels. At time of writing, the pair is trading at 1.0880, still up 0.15% on the day.

    With no first-tier data scheduled for the rest of the session, attention shifts to the US nonfarm payrolls report due tomorrow.

    EUR/USD levels to watch

    As for technical levels, on the downside, next supports could be found at 1.0808 (July low) ahead of 1.0784 (Apr 24 low) and 1.0700 (psychological level). On the other hand, immediate resistance levels are seen 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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