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.

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.

 

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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD trades above 34-month lows after US retail sales miss

EUR/USD is trading around 1.0850, above the lowest since April 2017. The US Control Group disappointed by staying flat in January. Consumer sentiment beat expectations. Germany reported a 0% growth in Q4 2019. 

EUR/USD News

GBP/USD ticks down after reshuffle-related rally

GBP/USD is trading closer to 1.30, consolidating its gains after UK PM Johnson nominated Sunak as Chancellor instead of Javid, potentially directing fiscal stimulus. Brexit concerns and coronavirus developments are in play.

GBP/USD News

US retail sales modestly higher in January, soft in the details

Consumers kept to their habits boosting purchases last month but the holiday season was slower than its initial reading giving the New Year a soft beginning.

Read more

WTI climbs to fresh two-week highs above $52

The barrel of West Texas Intermediate (WTI) fell below the $51 handle on Thursday but recovered a large portion of its losses to close the day at $51.50 on easing concerns over the impact of the coronavirus outbreak on the global energy demand. 

Oil News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info

Forex MAJORS

Cryptocurrencies

Signatures