FxWirePro: EUR/USD bearish again as upside bias reverses
EUR/USD declined on Friday as upbeat U.S. payrolls data further cemented expectations that Federal Reserve will hike interest rate by the end of this year. U.S. employers boosted hiring in November and the unemployment r…
EUR/USD declined on Friday as upbeat U.S. payrolls data further cemented expectations that Federal Reserve will hike interest rate by the end of this year.
U.S. employers boosted hiring in November and the unemployment rate dropped to a more than nine-year low of 4.6 percent.
Nonfarm payrolls increased by 178,000 jobs last month after increasing by 142,000 in October, the Labor Department said on Friday. The solid employment gains likely reflect growing confidence in the economy, which has been marked by rising consumer spending and inflation.
The intraday trend remains bearish for the pair as euro is set to come under pressure as the US dollar is set to strengthen on US rate hike view.
To the upside, immediate resistance can be seen at 1.0665, a break above will take the pair towards next resistance level at 1.0700.
To the downside, immediate support can be seen at 1.0630 levels, a break below will open gates towards 1.0585 levels.
