EUR/USD stuck in range around 1.0865, awaits NFP

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 (Mumbai) - Having faced rejection at 1.09 barrier, the EUR/USD pair consolidates near the upper band of the 1.08 handle, with all eyes now focused on the US payrolls data due later in the US session.

    EUR/USD capped below 1.0900

    Currently, the EUR/USD pair trades -0.58% lower at 1.0868, having found solid support near 10-DMA located at 1.0858. The main currency pair is seen navigating in a 30-pips narrow range over the last few hours, unperturbed by the pause in the European stocks recovery. Germany’s DAX now rises 0.28% versus 0.77% previous, while the UK’s FTSE pares gains to trade 0.35% higher.

    The calm seems to have spread across the financial markets, with traders opting to remain on the side-lines ahead of the highly influential non-farm payrolls data, as the US risk event has the tendency to create huge volatility and stir markets. Nonfarm payrolls report is expected to show 200,000 new jobs addition in December, while unemployment is expected to come in at 5%.

    EUR/USD Technical Levels

    In terms of technicals, the pair finds the immediate resistance is seen at 1.0940 (daily high). A break beyond the last, doors will open for a test of 1.0984 (100-DMA). On the flip side, the immediate support is placed at 1.0816/15 (50-DMA/ 1h 100-SMA), below which 1.0769 (Jan 7 Low) could be tested.
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