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EURUSD pressured ahead of NFP

Market Analysis

EURUSD, H4

EURUSD is down for a sixth consecutive session, logging a 16-day low at 1.1735. Progress in the corporate-friendly tax cuts has underpinned the dollar, while the euro itself has been fairing better against other currencies, including the yen and Swiss franc, although has lost ground to the pound following news of an accord being reaching between the EU and UK on divorcing terms. Following the trend is always interesting, with today’s U.S. jobs report for November likely to provide further fodder for dollar bulls. Expectations are for a 190k median gain in headline employment with a rage that varies from 155,00 to 250,00.  I remain short EURUSD from Tuesday at 1.1862 , target 1 (1.1788)  was breached on Wednesday for a 78 pip gain, target 2 is 1.1722.   EURUSD trend resistance comes in at 1.1783-85, and support at 1.1708-10. This morning the key H4 200 period moving average and latest Fractal low have been broken and the parabolic SAR remains negative. The RSI is in the over bought zone at 28 so some retrace from this position could be expected.

 

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Stuart Cowell

Senior Market Analyst

HotForex

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