6 Dec 2013
EUR/USD slumps after strong NFP
FXstreet.com (Córdoba) - The EUR/USD slumped and printed fresh daily lows after the November US nonfarm payrolls surprised to the upside.
The US Government reported Friday the US economy added 203,000 new jobs in November, surpassing expectations of 180,000 and up from the 200,000 gain printed in October (revised from 204K). Meanwhile, the unemployment rate dipped to 7.0% from 7.3% the previous month. Better-than-expected data gave the greenback a boost as it fueled expectations the Fed could soon start to taper its bond purchases. At time of writing, the EUR/USD is trading at the 1.3630 zone, 0.3% below its opening price, having hit a low of 1.3619 so far.
EUR/USD levels to watch
In terms of technical levels, if the EUR/USD breaks decisively below 1.3620 (daily low/Nov 29 high) it could fall to 1.3600 (psychological level) and then 1.3542 (Dec 5 low). On the upside, resistances are seen at 1.3677 (daily high) and 1.3700 (psychological level) ahead of 1.3739 (Oct 31 high).
The US Government reported Friday the US economy added 203,000 new jobs in November, surpassing expectations of 180,000 and up from the 200,000 gain printed in October (revised from 204K). Meanwhile, the unemployment rate dipped to 7.0% from 7.3% the previous month. Better-than-expected data gave the greenback a boost as it fueled expectations the Fed could soon start to taper its bond purchases. At time of writing, the EUR/USD is trading at the 1.3630 zone, 0.3% below its opening price, having hit a low of 1.3619 so far.
EUR/USD levels to watch
In terms of technical levels, if the EUR/USD breaks decisively below 1.3620 (daily low/Nov 29 high) it could fall to 1.3600 (psychological level) and then 1.3542 (Dec 5 low). On the upside, resistances are seen at 1.3677 (daily high) and 1.3700 (psychological level) ahead of 1.3739 (Oct 31 high).