EUR/USD faces 1.0800

Source: Dukascopy Bank SA


The Bureau of Labor Statistics has published the Non-farm Employment Change, Average Hourly Earnings and the Unemployment Rate. The data has been abysmal. The data reveals that the US economy is not doing well, as the Chairman of the Fed stated on Thursday. The economy is declining. A declining economy might need interest rate cuts.

Non-farm Employment Change was forecast to show 238,000 new jobs created. Actual numbers is just 175,000. Average Hourly Earnings were expected to show an increase of 0.3%. Wages have increased just 0.2%. The Unemployment Rate has not remained at 3.8%. It has moved back to 3.9%.

The EUR/USD in theory should surge and continue to surge until new data is released. However, it was spotted that after the fundamental event move, the pair encountered resistance near 1.0800 and retraced. The retracement resulted n the rate looking for support at 1.0740/1.0750.

A resumption of the Euro's surge against the US Dollar is bound to face the 1.0800 mark and the weekly simple pivot points that are spread out up until the 1.0900 mark. If the surge progresses, the 1.0900 mark would eventually also act as resistance. Meanwhile, note the early April high level range at 1.0875/1.0885, which stopped an attempted surge. In addition, the 1.0850 level has shown to be capable of acting as support and resistance.

On the other hand, a decline below 1.0740 is set to look for support in the ascending 50, 100 and 200-hour simple moving averages, prior to the pair reaching the 1.0675/1.0700 range taht has acted as support and resistance. Further below, note the 1.0650 level that provided support at the start of the month. Further below, the 1.0600 level and the low level zone just above it will impact the EUR/USD.

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