FxWirePro: EUR/USD bearish again as upside bias reverses
The EUR /USD pair declined in the US session on Friday as dollar reversed its losses after U.S. jobs data was seen as sufficiently strong to support the possibility of another interest rate increase from the Federal Rese…
The EUR /USD pair declined in the US session on Friday as dollar reversed its losses after U.S. jobs data was seen as sufficiently strong to support the possibility of another interest rate increase from the Federal Reserve this year.
Traders initially sold the dollar in a knee-jerk reaction to Labor Department data showing nonfarm payrolls increased by 156,000 last month, below expectations of economists for a gain of 180,000.
The single currency was last down 0.3 percent at $1.1878 after briefly hitting a session high of $1.1979.
The ongoing weakness is set to continue for this pair as the resistance level at 1.1930 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
To the upside, the immediate resistance can be seen at 1.1888, a break above this level would expose the pair to next resistance level at 1.1930.
To the downside, immediate support can be seen at 1.1845, a break below at this level will open the door towards next level at 1.1791.
