7 Feb 2014
EUR/USD retraces nonfarm payrolls gains
FXStreet (Córdoba) - The rally of the EUR/USD ignited by disappointing US nonfarm payrolls figures faded at the 1.3640 area as Fed has said it will look past this data since they feel it is heavily impacted by weather.
With weak employment data not translating into Fed policy action, the USD weakness was short-lived and the EUR/USD returned to the 1.3590 area, just where it was minutes before the release, nearly flat on the day. however, the EUR/USD remains on track to close the week into the green after the ECB refrained from taking policy actions yesterday.
EUR/USD technical levels
As for technical levels, immediate resistances line up at 1.3642 (Feb 7 high/50-day SMA), 1.3664 (Jan 30 high) and 1.3700 (psychological level). On the other hand, supports are seen at 1.3551 (Feb 7 low), 1.3500 (psychological level) and 1.3476 (Feb 3 low).
With weak employment data not translating into Fed policy action, the USD weakness was short-lived and the EUR/USD returned to the 1.3590 area, just where it was minutes before the release, nearly flat on the day. however, the EUR/USD remains on track to close the week into the green after the ECB refrained from taking policy actions yesterday.
EUR/USD technical levels
As for technical levels, immediate resistances line up at 1.3642 (Feb 7 high/50-day SMA), 1.3664 (Jan 30 high) and 1.3700 (psychological level). On the other hand, supports are seen at 1.3551 (Feb 7 low), 1.3500 (psychological level) and 1.3476 (Feb 3 low).