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2 Aug 2013
EUR/USD NFP-induced rally stalls, sheds gains to 1.3245
FXstreet.com (New York) - The EUR/USD technical pair peaked earlier at 1.3286 as NFP data failed to meet its consensus targets, sending the USD plunging across the board Friday morning during US trading.
In the United States, Nonfarm Payrolls (July) were reported at just 162K, missing expectations of 184K, and lower than 188K in the month of June. Moreover, the Unemployment Rate (July) fell to just 7.4%, beating estimates that called for 7.5%.
At the time of writing, the EUR/USD is presently negotiating a gain of +0.26% above it’s opening, though it is now operating at 1.3242 Friday. In terms of the technical levels, a rise higher will retest resistance at 1.3276, onto 1.3299, and finally 1.3347, calculates the Mataf.net analyst team.
EUR/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The EUR/USD has eased back from the 2013 resistance line at 1.3322 but has not succeeded in quite taking out the support circa 1.3205 (we have yet to close below here. We continue to view the market as vulnerable on the downside as directly overhead lies key resistance at 1.3360/1.3417. This is where the 2011-2013 downtrend, the 200-week MA and the June high meet and we look for it to hold the topside and provoke failure.”
In the United States, Nonfarm Payrolls (July) were reported at just 162K, missing expectations of 184K, and lower than 188K in the month of June. Moreover, the Unemployment Rate (July) fell to just 7.4%, beating estimates that called for 7.5%.
At the time of writing, the EUR/USD is presently negotiating a gain of +0.26% above it’s opening, though it is now operating at 1.3242 Friday. In terms of the technical levels, a rise higher will retest resistance at 1.3276, onto 1.3299, and finally 1.3347, calculates the Mataf.net analyst team.
EUR/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The EUR/USD has eased back from the 2013 resistance line at 1.3322 but has not succeeded in quite taking out the support circa 1.3205 (we have yet to close below here. We continue to view the market as vulnerable on the downside as directly overhead lies key resistance at 1.3360/1.3417. This is where the 2011-2013 downtrend, the 200-week MA and the June high meet and we look for it to hold the topside and provoke failure.”