3 Apr 2015
EUR/USD at session highs ahead of Non-farm payrolls
FXStreet (Mumbai) - The EUR/USD pair rose to a high of 1.0886 in a holiday thin trade ahead of the US non-farm payrolls report in the US.
EUR/USD: Will it end the week higher?
The shared currency suffered losses in the early part of the week, mainly on account of the ongoing Greek issue. However, a weaker-than-expected US ADP employment report on Friday supported the EUR. Upbeat Eurozone PMI reports also helped the EUR recover losses. The pair recovered from the low of 1.0711 to clock a high of 1.0902 in the American session yesterday.
Part of the gains were also driven by the unwinding of short EUR positions ahead of the extended weekend. The pair now trades at its weekly opening rate of 1.0887. Whether or not the pair ends the week higher depends entirely on the payrolls print in the US. A better-than-expected print is likely to push the pair lower on a weekly basis. On the other hand, a significantly weak print could lead to weekly gains.
EUR/USD Technical Levels
The immediate resistance is seen at 1.0910, above which gains could be extended to 1.10. On the flip side, a break below 1.0861 (10-DMA), could push the pair lower to 1.0826.
EUR/USD: Will it end the week higher?
The shared currency suffered losses in the early part of the week, mainly on account of the ongoing Greek issue. However, a weaker-than-expected US ADP employment report on Friday supported the EUR. Upbeat Eurozone PMI reports also helped the EUR recover losses. The pair recovered from the low of 1.0711 to clock a high of 1.0902 in the American session yesterday.
Part of the gains were also driven by the unwinding of short EUR positions ahead of the extended weekend. The pair now trades at its weekly opening rate of 1.0887. Whether or not the pair ends the week higher depends entirely on the payrolls print in the US. A better-than-expected print is likely to push the pair lower on a weekly basis. On the other hand, a significantly weak print could lead to weekly gains.
EUR/USD Technical Levels
The immediate resistance is seen at 1.0910, above which gains could be extended to 1.10. On the flip side, a break below 1.0861 (10-DMA), could push the pair lower to 1.0826.