6 Mar 2015
EUR/USD subdued, eyes on 1.10
FXStreet (Edinburgh) - The offered mood remains intact around the European currency at the end of the week, with EUR/USD poised to re-visit the critical support at 1.1000.
EUR/USD focus on Payrolls
Markets quickly digested the recent ECB meeting and Draghi’s press conference and are now focused on the US Non-farm Payrolls due later. Recall that prior surveys expect the US economy to have created 240K jobs during February vs. January’s 257K. The release will put the ongoing USD rally to the test, and could send spot to fresh lows in case of a positive surprise.
Previous releases in the euro area saw the German Industrial Production expanding above consensus 0.6% MoM in January, whereas EMU’s GDP figures during Q4 are due later (0.3% QoQ exp.).
EUR/USD key levels
As of writing the pair is retreating 0.04% at 1.1023 facing the next support at 1.0987 (low Mar.5) ahead of 1.0914 (low Sep.5 2003) and then 1.0809 (low Sep.4 2003). On the flip side, a breakout of 1.1218 (high Mar.3) would expose 1.1245 (high Feb.27) and then 1.1271 (10-d MA).
EUR/USD focus on Payrolls
Markets quickly digested the recent ECB meeting and Draghi’s press conference and are now focused on the US Non-farm Payrolls due later. Recall that prior surveys expect the US economy to have created 240K jobs during February vs. January’s 257K. The release will put the ongoing USD rally to the test, and could send spot to fresh lows in case of a positive surprise.
Previous releases in the euro area saw the German Industrial Production expanding above consensus 0.6% MoM in January, whereas EMU’s GDP figures during Q4 are due later (0.3% QoQ exp.).
EUR/USD key levels
As of writing the pair is retreating 0.04% at 1.1023 facing the next support at 1.0987 (low Mar.5) ahead of 1.0914 (low Sep.5 2003) and then 1.0809 (low Sep.4 2003). On the flip side, a breakout of 1.1218 (high Mar.3) would expose 1.1245 (high Feb.27) and then 1.1271 (10-d MA).