EUR/USD remains firm near 1.0860

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The European currency is now looking to consolidate in the area of daily highs vs. the dollar, with EUR/USD gyrating around 1.0870/60 so far.

    EUR/USD firmer ahead of Payrolls

    Spot is navigating 3-day highs after bottoming out in the 1.0700 neighbourhood on Tuesday, in response to a solid start of the year for the greenback. However, the Chinese-led sell-off in domestic and global equity markets has prompted a resurgence of the risk aversion, benefiting the common currency and lifting the pair to current levels.

    Ahead in the week, US Non-farm Payrolls are due tomorrow, with consensus expecting the economy to have created 200K jobs during December.

    EUR/USD relevant levels

    At the moment the pair is advancing 0.60% at 1.0852 and a breakout of 1.0936 (76.4% Fibo of 1.0538-1.1059) would target 1.1045 (200-day sma) en route to 1.1146 (5-month downtrend). On the other hand, the immediate support lines up at 1.0700 (psychological level) followed by 1.0538 (low Dec.3) and finally 1.0456 (2015 low Mar.16).
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