FxWirePro: EUR/USD outlook weaker on renewed downside pressure
EUR declined sharply against US dollar on Friday after data showed U.S. employment increased more than expected in July. Nonfarm payrolls rose by 255,000 jobs last month as hiring increased broadly after an upwardly revi…
EUR declined sharply against US dollar on Friday after data showed U.S. employment increased more than expected in July.
Nonfarm payrolls rose by 255,000 jobs last month as hiring increased broadly after an upwardly revised 292,000 surge in June, while the unemployment rate was unchanged at 4.9 percent as more people entered the labor market.
The pair extended its decline from 1.1161 to hit low at 1.1054 in the early US session.
Further upside is expected to be limited as the pair faces strong resistance at 1.1073 which should limit upside and bring decline towards 1.0990 and 1.0950 levels in the short term.
To the upside, the strong resistance can be seen at 1.1110, a break above will take the pair towards next resistance level at 1.1160.
To the downside immediate support can be seen at 1.1036 levels, a break below will open gates towards 1.0990 levels
