7 Aug 2015
EUR/USD steadies near lows after NFP-inspired plunge
FXStreet (Córdoba) - EUR/USD lost more than 100 pips from daily highs and posted lows in the 1.0960 area following the release of US nonfarm payrolls data, which showed economy created 215,000 jobs in July.
Even though the headline was slightly below the 222,000 expected, the reading was “strong” enough to maintain expectations of a September Fed hike alive. The unemployment rate stayed at a 7-year low of 5.3% as expected while June and May job gains were upwardly revised by a combined 14,000.
EUR/USD moved higher during the first seconds after release and touched a peak of 1.0973 but quickly turned lower and dropped all the way toward a 2-day low of 1.0855. The pair has steadied near lows and it was last trading at 1.0865, still 0.59% below its opening price.
EUR/USD levels to watch
In terms of technical levels, below 1.0855, next supports could be found at 1.0847 (Aug 5 low) and 1.0811 (Jul 21 low). On the flip side, resistances are seen at 1.0953 (21-day SMA) and 1.0973 (Aug 7 high) ahead of 1.1000 (psychological level).
Even though the headline was slightly below the 222,000 expected, the reading was “strong” enough to maintain expectations of a September Fed hike alive. The unemployment rate stayed at a 7-year low of 5.3% as expected while June and May job gains were upwardly revised by a combined 14,000.
EUR/USD moved higher during the first seconds after release and touched a peak of 1.0973 but quickly turned lower and dropped all the way toward a 2-day low of 1.0855. The pair has steadied near lows and it was last trading at 1.0865, still 0.59% below its opening price.
EUR/USD levels to watch
In terms of technical levels, below 1.0855, next supports could be found at 1.0847 (Aug 5 low) and 1.0811 (Jul 21 low). On the flip side, resistances are seen at 1.0953 (21-day SMA) and 1.0973 (Aug 7 high) ahead of 1.1000 (psychological level).