EUR/USD sidelined below 1.09, Payrolls eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The shared currency is sharply lower vs. its American peer at the end of the Asian trading hours, with EUR/USD consolidating around 1.0880/85.

    EUR/USD weaker ahead of NFP

    The pair is snapping a 2-day positive streak so far, as global markets – particularly China – has been in ‘recovery mode’ today, somehow reverting the negative sentiment seen in the last couple of sessions.

    Risk appetite trends seem to be back then, prompting spot to surrender part of the advance to the mid-1.0900s and retreating instead to the current 1.0880 area ahead of today’s Non-farm Payrolls in the US economy (200K exp.).

    EUR/USD levels to watch

    The pair is retreating 0.50% at 1.0879 with the immediate support at 1.0837 (55-day sma) followed by 1.0798 (50% Fibo of 1.0538-.1059) and then 1.0538 (low Dec.3). On the other hand, a break above 1.1032 (100-day sma) would target 1.1059 (high Dec.15) en route to 1.1136 (5-month downtrend).
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