6 Sep 2013
EUR/USD challenges 1.3100, NFP looms
FXstreet.com (Edinburgh) -The bearishness surrounding the bloc currency is sharpening on Friday, with the EUR/USD putting the key support at 1.3100 to the test.
EUR/USD remains under pressure
The trend in the pair continues to be tilted to the downside so far, as the EUR keeps surrendering ground ahead of critical data from the US Payrolls. Prior estimates expect the US economy to have added 180K jobs during August and the unemployment rate to stay put at 7.4% in the same period. “Low growth and high unemployment remain the norm in the periphery, leaving some of the underlying challenges (debt sustainability) unresolved. We think near-term EUR/USD rallies provide a selling opportunity”, recommended analysts at TD Securities.
EUR/USD levels to watch
As of writing the pair is down 0.10% at 1.3105 with the initial support at 1.3089 (low Jul.19) followed by 1.3051 (low Jul.16). On the flip side, a break above 1.3147 (MA200d) would target 1.3223 (high Sep.5) en route to 1.3237 (high Sep.2).
EUR/USD remains under pressure
The trend in the pair continues to be tilted to the downside so far, as the EUR keeps surrendering ground ahead of critical data from the US Payrolls. Prior estimates expect the US economy to have added 180K jobs during August and the unemployment rate to stay put at 7.4% in the same period. “Low growth and high unemployment remain the norm in the periphery, leaving some of the underlying challenges (debt sustainability) unresolved. We think near-term EUR/USD rallies provide a selling opportunity”, recommended analysts at TD Securities.
EUR/USD levels to watch
As of writing the pair is down 0.10% at 1.3105 with the initial support at 1.3089 (low Jul.19) followed by 1.3051 (low Jul.16). On the flip side, a break above 1.3147 (MA200d) would target 1.3223 (high Sep.5) en route to 1.3237 (high Sep.2).