EUR/USD: nearing highs as NFP fails to impress
|EUR/USD Current price: 1.0980
The US employment report is out, and despite the upbeat headline, the greenback is lower across the board. The American economy managed to add 211K new jobs in April, beating expectations of 185K, but March reading suffered a downward revision to 79K. The unemployment rate ticked even lower, improving to 4.4% from previous 4.5% and against the 4.6% expected. Wage growth again contracted to 2.5% yearly basis from previous 2.7%, while monthly basis it matched expectations at 0.3%.
The EUR/USD pair trades near its yearly high set earlier today after the report, as the numbers may be good, but not even close to be a game changer for the Fed. Technically bullish, the 4 hour chart shows that the 20 SMA advanced further below the current level, now converging with the 61.8% retracement of the post-US election decline, at 1.0930, as technical indicators regained the upside within positive territory. The market needs to fully digest the news, yet the pair seems now poised to test, and even attempt to break above the 1.1000 threshold ahead of Wall Street's opening.
Support levels: 1.0940 1.0890 1.0850
Resistance levels: 1.1000 1.1045 1.1080
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.