FxWirePro: EUR/USD dips below lower range following US jobs data
The EUR /USD pair fell as low as 1.0529 in the early US session, as greenback was boosted after data showed U.S. employment increased less than expected in December but a rebound in wages pointed to sustained labor marke…
The EUR /USD pair fell as low as 1.0529 in the early US session, as greenback was boosted after data showed U.S. employment increased less than expected in December but a rebound in wages pointed to sustained labor market momentum.
Nonfarm payrolls increased by 156,000 jobs last month, the Labor Department said on Friday. The gains, however, are more than sufficient to absorb new entrants into the labor market.
Average hourly earnings increased 10 cents or 0.4 percent in December after slipping 0.1 percent in November.
Further upside is expected to be limited as the pair finds strong resistance at 1.0624 which should limit further upside and bring decline towards lower levels in the short term.
To the upside, the immediate resistance can be seen at 1.0570, a break above this level would expose the pair to next resistance level at 1.0624.
To the downside, immediate support can be seen at 1.0516, a break below at this level will open the door towards next level at 1.0481.
