7 Feb 2014
EUR/USD hovering around 1.3590 ahead of NFP
FXStreet (Córdoba) - The EUR/USD is steady, hovering around 1.3590, as investors wait for the numbers of the US labor market. Since the last hours of the American session the pair has been moving in a small range of less than 15 pips, between 1.3583 and 1.3594; consolidating Thursday’s gains.
Technical outlook for the EUR/USD ahead of NFP
According to Jim Langlands, from FX Charts, the EUR/USD is making an attempt to break back into the daily cloud and “there is added strong resistance here at 1.3605, where it is also trying to break back above the 100 DMA”. Langlands notes that If overcome, that depends on the outcome of the NFP, “ we would then run into resistance at 1.3635 (38.2%), beyond which, lies the descending trend resistance at 1.3660, and then the 50% pivot of the move from 1.3892/1.3476 at 1.3685”.
The Non Farm Payrolls report will be released at 13:30 GMT. A decent number is needed to put confidence back into the US dollar Langlands notes. He adds: “1.3575 and 1.3525 are now minor supports ahead of 1.3500, with stronger bids likely to be found at around 1.3480. Below there, which seems unlikely to day, would see run towards 1.3455 and eventually, 1.3435”.
Technical outlook for the EUR/USD ahead of NFP
According to Jim Langlands, from FX Charts, the EUR/USD is making an attempt to break back into the daily cloud and “there is added strong resistance here at 1.3605, where it is also trying to break back above the 100 DMA”. Langlands notes that If overcome, that depends on the outcome of the NFP, “ we would then run into resistance at 1.3635 (38.2%), beyond which, lies the descending trend resistance at 1.3660, and then the 50% pivot of the move from 1.3892/1.3476 at 1.3685”.
The Non Farm Payrolls report will be released at 13:30 GMT. A decent number is needed to put confidence back into the US dollar Langlands notes. He adds: “1.3575 and 1.3525 are now minor supports ahead of 1.3500, with stronger bids likely to be found at around 1.3480. Below there, which seems unlikely to day, would see run towards 1.3455 and eventually, 1.3435”.