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EUR/USD reverts the upside on US Payrolls

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The upside momentum in the single currency has now been abruptly interrupted, sending EUR/USD to print fresh daily lows.

    EUR/USD could resume the downside

    The pair has abandoned the area near the 1.1000 mark after the US economy has created 242K jobs during February, surpassing initial estimates at 190K and up from January’s 172K (revised from 151K).

    Further data showed the unemployment rate has remained unchanged at 4.9%, matching the broad consensus.

    After failing to regain the 1.1000 barrier, spot is now heading to the lower band of the weekly range, giving away further gains after the recent USD-induced rally.

    EUR/USD levels to watch

    The pair is now losing 0.11% at 1.0951 facing the next support at 1.0823 (low Mar.2) followed by 1.0777 (low Jan.21) and finally 1.0709 (2016 low Jan.5). On the flip side, a breakout of 1.1047 (200-day sma) would open the door to 1.1079 (20-day sma) and then 1.1123 (38.2% Fibo of December up-move).
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