2 May 2014
EUR/USD sidelined, NFP eyed
FXStreet (Edinburgh) - The single currency is trading almost unchanged vs. the greenback, with the EUR/USD meandering around 1.3860/65 ahead of US Payrolls.
EUR/USD poised for further upside?
After printing 2-day lows in the vicinity of 1.3850, spot has picked up pace as market participants wait for today’s Payrolls. Consensus expects the US economy to have created 210K jobs during April, however, a print in line with forecasts or slightly beyond them could well see the risk appetite boosted, giving the EUR extra wings. Earlier on in the European morning, final prints of manufacturing PMIs in the euro bloc for April came in higher than the previous month – with the exception of Spain – although they did little to elevate spot. “We argue that with the FOMC dropping its unemployment threshold for a more nuanced approach to the labor market, the US employment report appears to be losing some ability to shake the market”, commented analysts at BBH.
EUR/USD key levels
The pair is now losing 0.02% at 1.3866 with the next support at 1.3834 (10-d MA) followed by 1.3823 (21-d MA) and finally 1.3805 (55-d MA). On the upside, a breakout of 1.3889 (high May 1) would open the door to 1.3906 (high Apr.11) and then 1.3935 (high Mar.19).
EUR/USD poised for further upside?
After printing 2-day lows in the vicinity of 1.3850, spot has picked up pace as market participants wait for today’s Payrolls. Consensus expects the US economy to have created 210K jobs during April, however, a print in line with forecasts or slightly beyond them could well see the risk appetite boosted, giving the EUR extra wings. Earlier on in the European morning, final prints of manufacturing PMIs in the euro bloc for April came in higher than the previous month – with the exception of Spain – although they did little to elevate spot. “We argue that with the FOMC dropping its unemployment threshold for a more nuanced approach to the labor market, the US employment report appears to be losing some ability to shake the market”, commented analysts at BBH.
EUR/USD key levels
The pair is now losing 0.02% at 1.3866 with the next support at 1.3834 (10-d MA) followed by 1.3823 (21-d MA) and finally 1.3805 (55-d MA). On the upside, a breakout of 1.3889 (high May 1) would open the door to 1.3906 (high Apr.11) and then 1.3935 (high Mar.19).