EUR/USD: investors are waiting for the US labour market stats on 06.02.2014

February 6, 2014

Current trend

Following yesterday’s publication of the US news, investors began to doubt the fact of recovery in American economy. Number of new jobs in private sector fell by 52 thousand. Leading indicator ADP suggests that Non-Farm Payrolls, which will become known on Friday, will decrease. On the other hand, American currency is supported by the US Fed decision to reduce quantitative easing program. Yesterday, the pair EUR/USD traded near the level of 1.3500; however at the end of the day slightly rose above 1.3525. After the publication of NFPR, the pair is likely to correct upward and after that will continue downward movement. Among today’s news attention should be focused on interest rate decision of ECB and on press-conference by Mario Draghi.

Support and resistance

The nearest support levels are 1.3500 and 1.3475; the latter one is the key level for the “bears.” Resistance levels are 1.3525, 1.3550 and 1.3575.

Trading tips

Prior to the opening of the American trading session the pair is likely to trade in the narrow range of .3500-1.3550. Further movement direction will be determined by the US news. Short positions can be opened below the level of 1.3475. Buy positions are recommended after breakdown of the level of 1.3575.

Ilya Lashenko

Analyst of LiteForex Group of Companies

Publication source
LiteForex information  LiteForex reviews

February 17, 2017
Golds rally may falter
The gold price has racked up its 2nd straight day of gains today on the back of US dollar weakness and doubts over an interest rate hike next month from the US Federal Reserve...
February 16, 2017
Where is black gold heading?
The Euro is slowly going down and this is not brought on by the Eurozone situation. Instead, this is fueled by the U.S. Dollar. Yesterday, Janet Yellen gave a speech in the Senate Banking Committee emphasising the fact that it Is not quite right to use the wait-and-see stance regarding the interest rate hike...
February 14, 2017
Will France exit the euro?
The Euro has come under pressure late in the European session today, after analysts warned of the huge costs that France would face should they decide to ditch the European currency...

Cms Trader Rating
OANDA Rating
FX Giants Rating
XM Rating
OctaFX Rating
NPBFX Rating

Empire Option Rating
TopOption Rating
OptionTrade Rating
OptionFair Rating
Anyoption Rating
IQ Option Rating