FxWirePro: EUR/USD consolidates in narrow range, market eyes US Nonfarm payroll
EUR/USD is consolidating after hitting high of 1.2883 yesterday. The pair declined slightly 30 pips after better than expected US ADP employment data. It is currently trading around 1.20628. US economy has added 250k in …
EUR/USD is consolidating after hitting high of 1.2883 yesterday. The pair declined slightly 30 pips after better than expected US ADP employment data. It is currently trading around 1.20628.
US economy has added 250k in Dec compared to forecast of 190k. The major increase in jobs addition was mainly due to service sector. It has added 222k jobs highest since Jun 2016. Market awaits US Non f arm payroll for further direction.
Technically, near term is around 1.2045 (10- 4H MA) and any break below will drag the pair down till 1.2013 (4H Kijun-Sen)/1.1971 (55- 4H EMA)/1.1940/1.1900.Minor weakness can be seen only below 1.1800.
On the higher side, near term resistance is around 1.20920 and any break below will take the pair till 1.2112 (161.8% fib)/1.21850/1.2297 (138.2% fib).
It is good to buy above 1.2092 with SL around 1.2050 for the TP of 1.2185/1.22000.
