Key Highlights
The Euro declined this past week against the US Dollar due to a strong NFP figure in the US.
There was a crucial bullish trend line formed on the hourly chart of EUR/USD, which was broken at 1.0600 for more downsides.
The US nonfarm payrolls released by the US Department of Labor this past Friday posted a better than expected reading of 178K in Nov 2016.
The US Unemployment Rate posted a decline from the last reading of 4.9% to 4.6% in Nov 2016.
EURUSD Technical Analysis
The Euro declined heavily before closing this past week against the US dollar due to positive NFP numbers in the US. More losses are likely in the EURUSD pair going forward.
During the downside move, the pair broke a crucial bullish trend line formed on the hourly chart at 1.0600. The pair also closed below the same, which means the Euro sellers have control at the moment, and may push the pair further down.
The pair is currently correcting higher, but likely to face sellers near the 50% Fib retracement level of the last decline from the 1.0689 high to 1.0506 low, which is also coinciding the broken trend line at 1.0600. In short, the broken support may now act as a resistance for EURUSD.
Titan FX is registered and regulated in New Zealand under FSP388647. Our global headquarters and operational hub is located in Auckland, New Zealand.
Recommended Content
Editors’ Picks
EUR/USD hovers around 1.0700, eyes on US first-quarter GDP data
EUR/USD hovers around the 1.0700 psychological level on Thursday during the early Thursday. The modest uptick of the major pair is supported by the softer US Dollar. Later in the day, Germany’s GfK Consumer Confidence Survey for April will be released.
USD/JPY finds its highest bids since 1990, near 155.50
USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, testing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming Japanese intervention risks. Focus shifts to Thursday's US GDP report and the BoJ decision on Friday.
Gold price lacks firm intraday direction, holds steady above $2,300 ahead of US data
Gold price remains confined in a narrow band for the second straight day on Thursday. Reduced Fed rate cut bets and a positive risk tone cap the upside for the commodity. Traders now await key US macro data before positioning for the near-term trajectory.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Meta Platforms Earnings: META sinks 10% on lower Q2 revenue guidance Premium
This must be "opposites" week. While Doppelganger Tesla rode horrible misses on Tuesday to a double-digit rally, Meta Platforms produced impressive beats above Wall Street consensus after the close on Wednesday, only to watch the share price collapse by nearly 10%.