2 May 2014
EUR/USD marking time till nonfarm payrolls
FXStreet (Córdoba) - The EUR/USD found support at the 1.3850 area and consolidates in a slim range during the European session as investors gear up for the US nonfarm payrolls.
Despite better-than-expected Eurozone employment data, unemployment rate fell to 11.8% versus 11.9% expected, the EUR/USD was unable to stage a directional move with fresh escalations in Ukraine and US jobs data later keeping investors cautious. At time of writing, the pair is trading at 1.3860, still a few pips below its opening price.
Market analysts are expecting US nonfarm payrolls to show 215,000 new jobs were added in April, which will be the highest print since November, leaving no much room for an upside surprise.
EUR/USD technical outlook
From a technical point of view, Valeria Bednarik, chief analyst at FXStreet commented that a break above 1.3890 should lead to a quick test of 1.3920 price zone, while once above this latter the rally may extend toward EUR/USD yearly high of 1.3966. “To the downside, price acceleration through 1.3850 daily low, should lead to a continued slide towards 1.3810 price zone, while once below this latter, the 1.3770/80 price zone is next”, she added.
Despite better-than-expected Eurozone employment data, unemployment rate fell to 11.8% versus 11.9% expected, the EUR/USD was unable to stage a directional move with fresh escalations in Ukraine and US jobs data later keeping investors cautious. At time of writing, the pair is trading at 1.3860, still a few pips below its opening price.
Market analysts are expecting US nonfarm payrolls to show 215,000 new jobs were added in April, which will be the highest print since November, leaving no much room for an upside surprise.
EUR/USD technical outlook
From a technical point of view, Valeria Bednarik, chief analyst at FXStreet commented that a break above 1.3890 should lead to a quick test of 1.3920 price zone, while once above this latter the rally may extend toward EUR/USD yearly high of 1.3966. “To the downside, price acceleration through 1.3850 daily low, should lead to a continued slide towards 1.3810 price zone, while once below this latter, the 1.3770/80 price zone is next”, she added.