The currency pair holds above 0.9150 on strong US dollar buying. It hit a high of 0.91874 and is currently trading around 0.91620. The intraday bias appears bullish as long as the support level at 0.9000 holds.
The report on Non-Farm Employment Change for January 10, 2025, reveals that the US economy added 256,000 jobs in December 2024, much greater than the number at 160,000, which was projected. The unemployment rate stayed at 4.2%, and average hourly earnings rose by 0.4%. All this positive job data might bear implications on the Federal Reserve's rate decisions, and great results get confidence in the economy going into 2025.
Technical Analysis and Resistance Levels
The pair is trading above the 34-EMA and 55-EMA on the 4-hour chart indicates a bullish trend. The immediate resistance is at 0.9170 any break below targets 0.92250/0.9275.
Support Levels and Potential Declines
On the downside, near-term support is around 0.9125, any violation below will drag the pair to 0.9070/0.9030/0.9000/0.8940/0.8890.
Bullish Indicators
CCI (50) - Bullish
Directional movement Index - Bullish
Trading Strategy Recommendation
It is good to buy on dips around 0.9130 with a stop-loss at 0.9100 for a TP of 0.9200.
