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6 Nov 2015
EUR/USD: Attempting to break above hourly 50-MA
FXStreet (Mumbai) - The EUR/USD is off the lows, but is struggling to rise above the confluence of the hourly 50-MA and 10-MA located at 1.0875 levels.
EUR –vulnerable to strong NFP?
The EUR appears as the most vulnerable major currency in case the NFP blows past estimates and leads to a rise in the December Fed rate hike bets. This is because the ECB has hinted at more easing in December.
The data due in a couple of hours is likely to show the US economy added 180K jobs in October, leaving the unemployment rate unchanged around 180K.
EUR/USD Technical Levels
The immediate resistance is located at 1.09, above which the pair could target 1.0951 (hourly 100-MA). The next resistance is seen at 1.0969 (hourly 200-MA). On the other side, support is seen at 1.0863 (daily low) and 1.0833 (previous day’s low).
EUR –vulnerable to strong NFP?
The EUR appears as the most vulnerable major currency in case the NFP blows past estimates and leads to a rise in the December Fed rate hike bets. This is because the ECB has hinted at more easing in December.
The data due in a couple of hours is likely to show the US economy added 180K jobs in October, leaving the unemployment rate unchanged around 180K.
EUR/USD Technical Levels
The immediate resistance is located at 1.09, above which the pair could target 1.0951 (hourly 100-MA). The next resistance is seen at 1.0969 (hourly 200-MA). On the other side, support is seen at 1.0863 (daily low) and 1.0833 (previous day’s low).