EURUSD Targets After the NFP

NFPs rose to 196K, compared to expectations of 180K and, given that hourly earnings decelerated to 3.2%, the EURUSD closed the hour at a Dollar loss, with more than 30 pips of volatility.

From the top, the pair is bounded by the 1.1233 (FE 38.2%) Resistance level, where the EURUSD is currently trading around, with the next Resistance being at the 200HMA at 1.1235. Support is currently at 1.1213, a level which could not be breached yesterday, and following that at 1.1200.

Indicators are showing signs of a downwards movement, with this being more evident in the Stochastics than the MACD indicator. The RSI offers no signals of over- or under-buying.

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Dr Nektarios Michail

Market Analyst

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