US dollar fails to benefit from NFP, EUR/USD holds above 1.0900

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - The euro managed to hold above 1.0900 and even climbed to retest recent highs as the dollar failed to benefit from a better than expected US nonfarm payrolls report.

    Expectations of a December rate hike by the Fed remain in place following a solid jobs report and recent comments from Yellen who said delaying the lift-off could lead to abrupt tightening later. However, US dollar remained largely unchanged as most of those expectations have been already priced in.

    EUR/USD is currently trading at 1.0925, virtually unchanged on Friday after staging a steep rally, of more than 3%, the previous day as ECB fell short of expectations of more aggressive easing measures.

    EUR/USD levels to watch

    In terms of technical levels, next resistances could be faced at 1.0980 (post-ECB, Dec 3 high), 1.1000 (psychological level) and then 1.1034 (200-day SMA). On the flip side, immediate supports are seen at 1.0854 (Dec 4 low), 1.0700/1.0698 (psychological level/21-day SMA) and not much until 1.0500 (psychological level/Dec 3 low).
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