1 Jul 2015
EUR/USD falls below 1.1050; What's next?
FXStreet (Barranquilla) - The Euro continues trading to the south against its major competitors amid Greece crisis; in addition, the US Dollar is heading higher ahead Nonfarm payrolls NFP data this Thursday. This cocktail sent the EUR/USD 130 pips down from PP 1.1170 to levels below 1.1050.
Currently, EUR/USD is trading at 1.1052, down 0.77% on the day, having posted a daily high at 1.1172 and low at 1.1043. The FXStreet OB/OS Index is reflecting oversold hourly conditions, while the FXStreet Trend Index is slightly bearish.
EUR/USD forecast
According to Matt Weller from Forex.com, the "report could exceed these expectations, with leading indicators suggesting a June headline NFP reading of 263K."
Weller says that:
USD slightly bearish with a less than 200K payrolls
USD slightly bullish with a reading between 200K-250K
Bullish USD with a +250K figure.
------
Register to our brand NFP live coverage and trade data with Valeria Bednarik, Dale Pinkert, Adam Button and Mauricio Carrillo.
------
Recently, upbeat ADP report fueled upside expectations for the nonfarm payrolls, FXStreet consensus expects 270K new payrolls for June. So it would mean Dollar bullish with the US employment report being the catalyst for a EUR/USD below 1.1000.
EUR/USD levels
As for the short term, if the pair consolidates declines below 1.1050, it will find supports at 1.1020, 1.1000 and 1.0960. To the upside, resistances are at 1.1100, 1.1170 and 1.1220.
Currently, EUR/USD is trading at 1.1052, down 0.77% on the day, having posted a daily high at 1.1172 and low at 1.1043. The FXStreet OB/OS Index is reflecting oversold hourly conditions, while the FXStreet Trend Index is slightly bearish.
EUR/USD forecast
According to Matt Weller from Forex.com, the "report could exceed these expectations, with leading indicators suggesting a June headline NFP reading of 263K."
Weller says that:
USD slightly bearish with a less than 200K payrolls
USD slightly bullish with a reading between 200K-250K
Bullish USD with a +250K figure.
------
Register to our brand NFP live coverage and trade data with Valeria Bednarik, Dale Pinkert, Adam Button and Mauricio Carrillo.
------
Recently, upbeat ADP report fueled upside expectations for the nonfarm payrolls, FXStreet consensus expects 270K new payrolls for June. So it would mean Dollar bullish with the US employment report being the catalyst for a EUR/USD below 1.1000.
EUR/USD levels
As for the short term, if the pair consolidates declines below 1.1050, it will find supports at 1.1020, 1.1000 and 1.0960. To the upside, resistances are at 1.1100, 1.1170 and 1.1220.