EUR/USD Current price: 1.3705
View Live Chart for the EUR/USD
US Payrolls printed a nice 192K a bit below expected, while unemployment rate stood steady at 6.7% in March, also below expectations. Market was for the most waiting for a stronger number to help greenback extend the initial boost gave by Draghi yesterday, and did not get it: the initial reaction saw the greenback ease against most rivals, with the EUR/USD bouncing from a major long term support, a daily ascendant trend line coming from 1.2755, past July 2013 monthly low. But the bounce is still shallow, with the pair up to 1.3730 so far, unable to open current candle above the 1.3720 immediate Fibonacci resistance.
The star of the day is being the Canadian dollar as local employment figures overcame expectations, leading to a massive sell off in USD/CAD holding now below the 1.1000 key psychological level. For the most, commodity currencies present a strong upward potential, while European ones held above mayor supports, but remain unable to gain upward momentum.
The hourly chart presents a slightly positive tone coming from technical readings, albeit not yet sustainable due to the fact the pair faltered around mentioned resistance. To the downside, a Fibonacci level at 1.3660 along with the trend line at 1.3680 provide strong support and seems hard a break below them for today, as buyers will likely surge on approaches to it. Nevertheless, the upside is also limited, pointing for a maybe slow end of the week.
Support levels: 1.3670 1.3640 1.3610
Resistance levels: 1.3725 1.3750 1.3780
GBP/USD Current price: 1.6586
View Live Chart for the GBP/USD
The GBP/USD also regained the upside after testing a key technical support, the 61.8% retracement of the latest bullish run around 1.6550. The upside however, is being limited by the 1.6600 figure, where the pair presents the 38.2% retracement of the same rally, leaving the pair still directionless. Technically, indicators head slightly higher in negative territory and price hovers around a flat 20 SMA in the hourly chart, while the 4 hours one shows the mild bearish tone of the week prevails. Nevertheless, movements need to unfold from here to be able to set a more directional move for the upcoming week, with a break below 1.6550 mentioned support suggesting a downward midterm continuation again towards 1.6250 midterm support.
Support levels: 1.6550 1.6510 1.6470
Resistance levels: 1.6600 1.6645 1.6690
Recommended Content
Editors’ Picks
How will US Dollar react to April jobs report? – LIVE
Following the Fed's policy announcements, market focus shifts to the April jobs report from the US. Nonfarm Payrolls are forecast to rise 238K. Investors will also pay close attention to revisions and wage inflation figures.
EUR/USD clings to gains near 1.0750 ahead of US jobs report
EUR/USD clings to modest gains at around 1.0750 after closing the previous two days in positive territory. Investors eagerly await April jobs report from the US, which will include Nonfarm Payrolls and Unemployment Rate readings.
GBP/USD advances to 1.2550, all eyes on US NFP data
The GBP/USD pair trades on a stronger note around 1.2550 amid the softer US Dollar on Friday. Market participants refrain from taking large positions as focus shifts to April Nonfarm Payrolls and ISM Services PMI data from the US.
Gold remains stuck near $2,300 ahead of US NFP
Gold price struggles to gain any meaningful traction and trades in a tight channel near $2,300. The Fed’s less hawkish outlook drags the USD to a multi-week low and lends support to XAU/USD ahead of the key US NFP data.
XRP edges up after week-long decline as Ripple files letter in reply to SEC’s motion
Ripple filed a letter to the court to support its April 22 motion to strike new expert materials. The legal clash concerns whether SEC accountant Andrea Fox's testimony should be treated as a summary or expert witness.