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US dollar rises on jobs data, EUR/USD near 7-month lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/USD printed fresh lows for the day as the dollar picked up pace following hawkish comments from Fed’s Lockhart and a better than expected ADP employment report in anticipation to the nonfarm payrolls.

    EUR/USD dropped further and bottomed out at 1.0577 at the beginning of the New York session, although it managed to recover some ground afterward. However, with the bounce capped by the 1.0600 zone, the pair remains under pressure, trading around 1.0585, down 0.42% on the day.

    While solid employment data fuels expectations the Federal Reserve will raise rates when it meets in two weeks, immediate focus remains on the ECB which will decide on monetary policy tomorrow, and in contrast, is expected to provide more stimulus in the form of a deposit rate cut and/or an expansion of its QE programme.

    EUR/USD levels to consider

    On the downside, next supports for EUR/USD are seen at 1.0557 (7-month low Nov 30), 1.0520 (Apr 13 low), 1.0500 (psychological level) and then 1.0462 (2015 low Mar 13). On the upside, short-term resistances could be faced at 1.0636/37 (Nov 27, Dec 1 highs), 1.0700 (psychological level), 1.0762 (Nov 19 high) and 1.0829 (Nov 12 high).
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