FxWirePro: EUR/USD gains some upside momentum but still bearish
Friday, October 7, 2016 1:53 PM UTC
- The EUR/USD inched higher at the beginning of the US session on Friday after a weaker-than-expected September jobs report appeared to reduce the chance of a U.S. interest rate hike this year.
- U.S. employment growth unexpectedly slowed for the third straight month in September. Nonfarm payrolls rose 156,000, down from a gain of 167,000 jobs in August, the Labor Department said on Friday.
- However, further upside for this pair should be limited as the resistance level at 1.1324 levels should limit more upside and bring decline back to lower levels.
- To the upside, the strong resistance can be seen at 1.1236, a break above this level would take the pair towards next resistance level at 1.1256.
- To the downside, immediate support can be seen at 1.1155 levels, a break below this level will open the door towards next level at 1.1137.
Resistance Levels
R1: 1.1196 (50% Retracement level)
R2: 1.1236 (61.8% Retracement level)
R3: 1.1256 (Sep 22nd high)
Support Levels
S1: 1.1155 (38.2% Retracement level)
S2: 1.1137 (Oct 4th lows)
S3: 1.1100 (23.6% Retracement level)