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EUR/USD tests lows around 1.0930

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 shared currency is now losing further altitude vs. the dollar, sending EUR/USD back to the 1.0930 area, or session lows.

    EUR/USD weaker ahead of Payrolls

    The pair continues to surrender part of yesterday’s spike towards the 1.0980 area against the backdrop of a firmer note from the US dollar. In addition, a positive start of European equities is collaborating with the bearish tone around EUR while markets remain focused on US Non-farm Payrolls.

    Market consensus expects the US economy to have created 190K jobs during February, up from January’s 151K. The unemployment rate is seen unchanged at 4.9%.

    EUR/USD levels to watch

    The pair is now losing 0.15% at 1.0946 and a break below 1.0823 (low Mar.2) would target 1.0777 (low Jan.21) en route to 1.0709 (2016 low Jan.5). On the other hand, the next up barrier aligns at 1.0972 (55-day sma) ahead of 1.1047 (200-day sma) and then 1.1123 (38.2% Fibo of December up-move).
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