2 May 2014
EUR/USD is getting ready for NFP
FXStreet (Moscow) - EUR/USD is under pressure as the pair retreated from the intraday high of 1.3871 and settled at 1.3860
On the fence
EUR/USD was sandwiched between strong offers on approach to 1.3900 and medium demand close to 1.3850 on Thursday. Most European markets were closed so the traders focused on US macro data where Manufacturing ISM reached the strongest readings of the year. Though there were a couple of flies in this ointment as price component dropped signaling that the pricing pressure is weakening, while weekly jobless claims climbed to nine week highs. EUR/USD is in retreat early in Asia as investors are positioning before the key risk event of the week - Non-farm payroll report, published later today. As such, the pair may spend the European session consolidating in a short-term range limited by 1.3857/50 on the downside and 1.3890/00 on the upside. Buys on dips to the above mentioned support elves are expected as traders might refrain from being too bearish against EUR before they know for sure that US labor market conditions have improved.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3874, with support below at 1.3858, 1.3847 and 1.3831, with resistance above at 1.3885, 1.3901, and 1.3912. Hourly Moving Averages are mixed, with the 200SMA at 1.3834 and the daily 20EMA at 1.3825. Hourly RSI is bearish at 41.
On the fence
EUR/USD was sandwiched between strong offers on approach to 1.3900 and medium demand close to 1.3850 on Thursday. Most European markets were closed so the traders focused on US macro data where Manufacturing ISM reached the strongest readings of the year. Though there were a couple of flies in this ointment as price component dropped signaling that the pricing pressure is weakening, while weekly jobless claims climbed to nine week highs. EUR/USD is in retreat early in Asia as investors are positioning before the key risk event of the week - Non-farm payroll report, published later today. As such, the pair may spend the European session consolidating in a short-term range limited by 1.3857/50 on the downside and 1.3890/00 on the upside. Buys on dips to the above mentioned support elves are expected as traders might refrain from being too bearish against EUR before they know for sure that US labor market conditions have improved.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3874, with support below at 1.3858, 1.3847 and 1.3831, with resistance above at 1.3885, 1.3901, and 1.3912. Hourly Moving Averages are mixed, with the 200SMA at 1.3834 and the daily 20EMA at 1.3825. Hourly RSI is bearish at 41.