7 Jun 2013
EUR/USD eases to 1.3230
FXstreet.com (Barcelona) - The EUR/USD continues to grind lower on Friday, hovering over the 1.3230/25 region ahead of US Payrolls due later.
Regarding the key releases in the US, market consensus expects Payrolls to come in at 170K in May and the unemployment rate to stay put at 7.5%. “EUR/USD has already broken out of its long-standing 1.28 to 1.32 and a weak payrolls release this afternoon will likely lend a little further upside momentum though the weakness of the Eurozone economy should limit momentum”, noted Jane Foley, Senior Currency Strategist at Rabobank.
The pair is now losing 0.10% at 1.3230 and a breakdown of 1.3104 (MA100d) would target 1.3075 (low Jun.6) and finally 1.3053 (low Jun.5). On the upside, resistance levels align at 1.3306 (high Jun.6) followed by 1.3319 (high Feb.25) and then 1.3341 (61.8% of Feb-Apr slide).
Regarding the key releases in the US, market consensus expects Payrolls to come in at 170K in May and the unemployment rate to stay put at 7.5%. “EUR/USD has already broken out of its long-standing 1.28 to 1.32 and a weak payrolls release this afternoon will likely lend a little further upside momentum though the weakness of the Eurozone economy should limit momentum”, noted Jane Foley, Senior Currency Strategist at Rabobank.
The pair is now losing 0.10% at 1.3230 and a breakdown of 1.3104 (MA100d) would target 1.3075 (low Jun.6) and finally 1.3053 (low Jun.5). On the upside, resistance levels align at 1.3306 (high Jun.6) followed by 1.3319 (high Feb.25) and then 1.3341 (61.8% of Feb-Apr slide).