EUR/USD: NFPR dropped USD

January 13, 2014

Current trend

Last Friday Non-Farm Payrolls have been published in USA. The majority of the experts expected a considerable rise of the indicator, however, the forecasts were wrong and the increase of new paid employees has been only by 74 000. Besides, the unemployment level has decreased from 7.0% to 6.7%. Under the pressure of labour market stats American currency has lost its positions, and the pair EUR/USD has ascended to the level of 1.3685, where the market has been closed. Since the beginning of the new session the pair is trading with low volatility and we expect it to stay today within a narrow channel. 

Support and resistance

The closest resistance level is the local maximum 1.3685; the next ones are 1.3700, 1.3735, 1.3780. The pair will meet support at the levels of 1.3660, 1.3645, 1.3620 and 1.3600.

Trading tips

Short positions can be opened below the level of 1.3620. Pending buy orders should be placed above 1.3700.

Ilya Laschenko

Analyst of LiteForex Group of Companies

Publication source
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