FxWirePro :EUR/USD trades above 1.14300 level, markets eye US Non Farm Payroll

EUR/USD shown a good recovery of more than 100 pips after hitting low of 1.13020. Euro was trading higher on easing trade tensions between US and China. US President Trump tweeted that “Just had a long and very good conversation with President Xi Jinping. We talked about many subjects , with a heavy emphasis on Trade’’. US ISM manufacturing data for the month of Oct came at 57.7 slightly weaker than expected compared to previous month data 59.8. It hits high of 1.14424 at the time of writing and is currently trading around 1.14355.

Markets eye US Non Farm Payroll data for further direction. US economy is expected to add 194000 for the month Oct compared to 134000 in Sep and wage growth also to be above average with 0.2% MOM and 3.1% YOY.

On the higher side, 1.14650 (Trend line resistance) will be acting as major resistance any break above targets 1.14800/1.1500/1.1550. The minor resistance is around 1.13600/1.1400.

On the lower side, near term support is around 1.1390 and any break below targets 1.13500/1.1300.

It is good to buy on dips around 1.1410-15 with SL around 1.1370 for the TP of 1.1550.