EUR/USD hovers around 1.0540s as bears take a breather By christianborjon EURUSD Majors Macroeconomics Technical Analysis
report, which showed that the US economy added 428K jobs, higher than the 391K foreseen by analysts. Job gains were led by leisure, hospitality, manufacturing, transportation, and warehousing.remained unchanged at 3.6%, and Average Hourly Earnings rose by 5.5% y/y, lower than the 5.6% last month’s previous reading.
“Nothing in today’s employment report would change the Fed’s expected path ... current market sentiment does not place a lot of confidence in the Fed getting inflation under control without a recession,” according to sources cited by Reuters. Analysts at ING wrote in a note that “the unemployment rate held steady at 3.6% rather than dropping to 3.5% as expected, which in combination with a softer average hourly earnings figure of 0.3% month-on-month rather than the 0.4% consensus forecast may been taken as a signal of less inflationary pressures in the jobs market.”, a measurement of the greenback’s value against a six currencies basket, is pairing early day losses, up 0.11%, currently at 103.
Upwards, the EUR/USD’s first resistance would be April 2017 high at around 1.0569. Break above would expose Friday’s daily high, shy of the 1.0600 figure, followed by the R1 daily pivot at 1.0620. On the downside, the EUR/USD’s first support would be the 200-HSMA at 1.0550. A breach of the latter would expose the February 2017 swing low at 1.0494, followed by the S1 daily pivot at 1.0470, and then 1.0450.
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