The EUR/USD made a long pause over Asian hours, consolidating yesterday’s ECB triggered losses near the low established at 1.2921. The whole market is on wait and see mode, ahead of the US employment figures to be released in a few hours. The country has been showing some positive numbers through the year, maintaining the average job creation above 200K a month. Last month, the number missed expectations printing 209K against 230K expected, producing a dollar negative rally intraday. Today, market expects the economy to add 225K and unemployment rate to retrace back to 6.1%.
The dollar may look exhausted in the short term, yet if numbers outcome such expectations, will probably continue advancing: a break through the 1.2920 mentioned low should see a quick slide towards 1.2880 price zone, while if the downward acceleration extends, next target stands at 1.2845. If the reading however disappoints, market may take the opportunity to profit from recent slide, generating an upward corrective movement: 1.3000 critical figure is the first level to watch, while if above, 1.3050 is next.
View Live Chart for EUR/USD
The dollar may look exhausted in the short term, yet if numbers outcome such expectations, will probably continue advancing: a break through the 1.2920 mentioned low should see a quick slide towards 1.2880 price zone, while if the downward acceleration extends, next target stands at 1.2845. If the reading however disappoints, market may take the opportunity to profit from recent slide, generating an upward corrective movement: 1.3000 critical figure is the first level to watch, while if above, 1.3050 is next.
View Live Chart for EUR/USD
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