EUR/USD: mixed US jobs report leaves market clueless

EUR/USD Current Price: 1.1420

The American dollar traded marginally lower during Asian and European hours, but remained mostly range bound ahead of the US Nonfarm Payroll report, when it jumped lower, following news that the US added just 160,000 new jobs in April, against the 200,000 expected. The unemployment rate held steady at 5.0% during the same month, whilst wages matched expectations monthly basis, up by 0.3% and resulted at 2.5% yearly basis, slightly better-than-expected.

The EUR/USD pair spiked up to 1.4786, but then retreated towards 1.1401,trading flat on mixed data that is not enough to set a clear directional tone. In the 1 hour chart, the technical indicators have turned flat within positive territory, whilst the price holds above its 20 SMA. The 100 SMA in the mentioned time frame, stands at 1.1480, the level to overcome to see the common currency rallying further. In the 4 hours chart, the price remains below a bearish 20 SMA while the technical indicators stand below their mid-lines, lacking enough upward strength to confirm additional rallies for today.

Support levels: 1.1380 1.1335 1.1290

Resistance levels: 1.1480 1.1530 1.1570

GBP/USD Current price: 1.4446

View Live Chart for the GBP/USD

The GBP/USD pair rallied up to 1.4542 with the release of US data, but quickly retreated towards its pre-report levels, now aiming to extend its decline. The pair was unable to hold gains above the 38.2% retracement of the latest bullish run and plummeted to a fresh weekly low of 1.4420, now trading also below the 50% retracement of the same rally. In the 1 hour chart, the technical stance is clearly bearish, with the price below a mild bearish 20 SMA and the technical indicators heading sharply lower below their mid-lines. In the 4 hours chart, the technical indicators have also turned south within negative territory, while the 20 SMA maintains its bearish slope above the current level, supporting some additional declines on a break below 1.4410.

Support levels: 1.4410 1.4370 1.4330

Resistance levels: 1.4485 1.4520 1.4560

USD/JPY Current price: 106.53

View Live Chart for the USD/JPY

Resuming its bearish trend. The USD/JPY pair fell below the 106.60 level after the release of a mixed US employment report, showing less-than-expected jobs added, but an uptick in wages. Stocks plummeted with the news, which means the risk is of further declines in the pair ahead of the weekly close, and in spite of dollar's advance against its European rivals. The 1 hour chart shows that the price is now below a horizontal 20 SMA, while the technical indicators have turned south within negative territory, supporting an extension of the ongoing decline. In the 4 hours chart, indicators also head south below their mid-lines, in line with further slides, particularly on a break below 106.00, with scope then to test the 105.55 multi-year low posted earlier this month.

Support levels: 106.00 105.55 105.20

Resistance levels: 107.00 107.45 107.90

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