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EUR/USD unmotivated near 1.0870

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 common currency remains entrenched in the negative territory today, with EUR/USD navigating in the 1.0870 area so far.

    EUR/USD sidelined ahead of Payrolls

    The pair is coming down after climbing as high as the 1.0940 area in late NA session on Thursday, and is now seems to have stabilized in the 1.0870/80 band ahead of critical releases across the pond and against a backdrop of rising risk appetite.

    In fact, market expectations see the US economy to have created 200K jobs during the last month and the unemployment rate to have stayed put at 5.0%. Previously, German Industrial Production has contracted more than forecasted 0.3% during November and the trade surplus shrunk to €19.7 billion in the same period.

    EUR/USD levels to watch

    The pair is retreating 0.53% at 1.0875 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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