3 Apr 2015
EUR/USD favours upside while above 1.0959 – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, views that with June rate hike expectations erased post the dismal US NFP, the dollar is set to weaken, and further notes that EUR/USD bears have little chance of gaining any control while the pair remains above 1.0959.
Key Quotes
“The EUR/USD soared up to 1.1025 as the US added just 126K new jobs in March, and this time, it was hard to blame it on the weather. January and February readings were revised lower, 63K less jobs created between both than previously estimated.”
“With the markets closed on Easter holidays, the forex board may see some consolidation over the next hours, and little follow through of the latest movements.”
“Nevertheless, the USD is poised to continue falling, as these figures have erased chances of a rate hike in June in the US.”
“Technically, the 1 hour chart shows that the price hovers around 1.1000, with the technical indicators in extreme overbought levels following the sharp advance.”
“Following the initial spike, the former low was set at 1.0959, which means bears have little chances as long as that level holds.”
“To the upside, the highs set at 1.1040/50 are the key resistance level to follow, as break above it should lead to a test of 1.1120, 61.8% retracement of the February/March bearish run.”
“Support levels: 1.0965 1.0920 1.0870”
“Resistance levels: 1.1050 1.1085 1.1120”
Key Quotes
“The EUR/USD soared up to 1.1025 as the US added just 126K new jobs in March, and this time, it was hard to blame it on the weather. January and February readings were revised lower, 63K less jobs created between both than previously estimated.”
“With the markets closed on Easter holidays, the forex board may see some consolidation over the next hours, and little follow through of the latest movements.”
“Nevertheless, the USD is poised to continue falling, as these figures have erased chances of a rate hike in June in the US.”
“Technically, the 1 hour chart shows that the price hovers around 1.1000, with the technical indicators in extreme overbought levels following the sharp advance.”
“Following the initial spike, the former low was set at 1.0959, which means bears have little chances as long as that level holds.”
“To the upside, the highs set at 1.1040/50 are the key resistance level to follow, as break above it should lead to a test of 1.1120, 61.8% retracement of the February/March bearish run.”
“Support levels: 1.0965 1.0920 1.0870”
“Resistance levels: 1.1050 1.1085 1.1120”