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6 Sep 2013
EUR/USD resumes positive territory
FXstreet.com (London) - EUR/USD has spiked into the 1.3180 territory, and is consolidating on an hourly basis in the 1.3170’s bracket.
The US economy has created 169K jobs during August, missing expectations at 180K and down from July’s 104K (revised from 162K). The US jobless rate came in at 7.3% during the same period, bettering consensus at 7.4%. Research teams at TD Securities said that the EUR/USD continues to pressure support points in the low 1.31 area and even if the EUR is starting to look a bit oversold, a clear move below 1.3104 (50% retracement support from the July/August rally) has to be cleared on the downside to signal an extension to 1.29/1.30. “Disappointing payrolls will push EUR/USD back to the mid/upper 1.32s”.
EUR/USD may struggle at 1.3220
Karen jones at Commerzbank said intraday charts are still indicating that we should allow for a rally of no more than 1.3175/1.3220 ahead of further losses. “We look for a slide to 1.3020, 1.2904 (these are the 61.8% and the 78.6% retracements of the move up from July) en route to the 1.2755 July low”.
The US economy has created 169K jobs during August, missing expectations at 180K and down from July’s 104K (revised from 162K). The US jobless rate came in at 7.3% during the same period, bettering consensus at 7.4%. Research teams at TD Securities said that the EUR/USD continues to pressure support points in the low 1.31 area and even if the EUR is starting to look a bit oversold, a clear move below 1.3104 (50% retracement support from the July/August rally) has to be cleared on the downside to signal an extension to 1.29/1.30. “Disappointing payrolls will push EUR/USD back to the mid/upper 1.32s”.
EUR/USD may struggle at 1.3220
Karen jones at Commerzbank said intraday charts are still indicating that we should allow for a rally of no more than 1.3175/1.3220 ahead of further losses. “We look for a slide to 1.3020, 1.2904 (these are the 61.8% and the 78.6% retracements of the move up from July) en route to the 1.2755 July low”.