EUR/USD firm near 1.1750, consolidates gains

US dollar remains weak after the US employment report affected by soft wage data.
EUR/USD consolidates weekly gains as it continues to recover after finding support last week above 1.1500.

Matías Salord FXStreet

The EUR/USD pair broke to the upside after the release of the US employment report. It peaked at 1.1764, the highest level since June 14. During the last hour, it remained firm above 1.1750, consolidating daily and weekly gains.

The move higher was boosted by a decline of the greenback after NFP. According to the employment report, the US economy added 213K new jobs in June, above the 195K expected. But, on the weak side, the unemployment rate rose from 3.8% to 4.0% and average hourly earnings, rose 0.2%, below market consensus.

The US dollar was already down for the day before NFP amid the ongoing trade war between the US and China and escalating tensions.

EUR/USD Levels to watch

The pair is testing the 1.1765/70 resistance, a break higher could open the doors for 1.1800/05, the next level to watch. Above 1.1800 the 1.1840/45 area is a key resistance that capped the upside two times in June: a break higher could strengthen the outlook for the euro.

On the flip side, the immediate support is now 1.1720/25 and below here an uptrend line from last week low, currently at 1.1685 is likely to offer support. As long as EUR/USD remains on top of the mentioned line, the bias would favor the upside.

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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