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EUR/USD unmotivated near 1.1200, focus on NFP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The shared currency is extending its overnight consolidative scheme into the European session, with EUR/USD navigating the upper-1.1100s.

    EUR/USD coming down from 1.1250

    The pair keeps the negative tone during the morning in the Old Continent, meandering near 1.1200 the figure, against the backdrop of a cautious trade ahead of US Non-farm Payrolls due later across the pond.

    Previously and still in the euro area, German Factory Orders have contracted at a monthly pace of 0.7% during December, missing previous estimates. Later in the NA session, market expectations see the US economy to have created nearly 200K jobs during January vs. 292K recorded in December.

    EUR/USD levels to watch

    The pair is now retreating 0.09% at 1.1195 facing the next hurdle at 1.1240 (high Feb.4) ahead of 1.1496 (high Oct.15) and finally 1.1713 (post-PBoC high Aug.24). On the downside, a breach of 1.1055 (200-day sma) would open the door to 1.0960 (100-day sma) and finally 1.0922 (20-day sma).

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