EUR/USD reverses post-NFP losses, back to 1.1400

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/USD recovered from daily lows and returned to positive ground for the day as the greenback failed to sustain nonfarm payrolls-inspired gains.

    EUR/USD bottomed out at 1.1334 after the release of better-than-expected US employment data, but the dollar came under renewed pressure during the following hours and EUR/USD managed to climb back to the 1.1400 zone.

    At time of writing, the pair is trading at 1.1401, 0.21% above its opening price and on track to post a weekly gain of over 2%.

    The US dollar was under pressure and near 6 month lows against the euro, but took a breather after the US Labor Department reported a 215K job gain in March, which beat expectations of 205K.

    EUR/USD levels to watch

    In terms of technical levels. EUR/USD could find next resistances at 1.1437 (Apr 1 high) and 1.1494 (Oct 15 high). On the flip side, supports are seen at 1.1334 (Apr 1 low) and 1.1256 (10-day SMA).
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