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EUR/USD stabilizes below 1.09 ahead of Payrolls

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The common currency keeps the downbeat tone on Friday vs. the greenback, with EUR/USD meandering a tight range below the 1.09 handle.

    EUR/USD cautious ahead of Payrolls

    Following the sharp ECB-induced upside on Thursday, spot has retreated below 1.0900 the figure where it is now trying to consolidate ahead of today’s Non-farm Payrolls. Recall that consensus sees the US economy to have created 200K jobs during the last month, while the jobless rate is expected at 5%.

    Data wise so far in Euroland, German Factory Orders have come in on the strong side today, expanding at a monthly pace of 1.8% during October and contracting at a non-seasonally adjusted 1.4% over the last twelve months.

    EUR/USD levels to consider

    At the moment the pair is losing 0.62% at 1.0882 facing the next support at 1.0753 (23.6% Fibo of 1.1496-1.0524) followed by 1.0524 (low Dec.3) and then 1.0519 (low Apr.13). On the upside, a breakout of 1.1036 (200-day sma) would target 1.1096 (high Oct.28) en route to 1.1124 (61.8% Fibo of 1.1496-1.0524).
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