FxWirePro: EURUSD trades below 1.09800, dip till 1.0880 likely

EURUSD continues to trade lower and hits low of 1.09645, lowest level since Oct 2019. German industrial production came much weaker than expected at -3.5% vs forecast of -0.2%. Markets eye US Non-farm payroll for further direction.

US economy is expected to add 160000 jobs in Jan compared to 145000 increase in Dec, the unemployment to be stable at 3.5%. Hourly earnings to gain 0.3% vs 0.1% in Dec.

On the higher side, near-term resistance is around 1.1030 and any indicative break up targets 1.1065/1.1100/1.1125/1.1180. Major bullish continuation only beyond 1.12450.

The pair is trading slightly beneath significant support 1.09800, a dip till 1.0935/1.0880.

It is good to sell below 1.09800 with SL around 1.1030 for the TP of 1.0880.