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EURUSD declined slightly after upbeat US jobs data. The US economy has added 263000 in Nov compared to an estimate of 200000. The unemployment rate steadied at 3.7%. Market eyes US ISM services data for further direction. It hits an intraday high of 1.05645 and is currently trading around 1.05608.
According to the CME Fed watch tool, the probability of a 50 bpbs rate hike in Dec rose to 79.4% from 75.8% a week ago.
The US 10-year yield trades weak on the fifth consecutive day and lost more than 18%. The US 10 and 2-year spread widened to -78 basis points from -23.9 bpbs.
Technical:
On the higher side, near-term resistance is around 1.0600 and any convincing breach above will take the pair to the next level of 1.0660/1.0700.
The pair's immediate support is at 1.0500, breaking below targets of 1.043/1.0370.
Indicator (4-hour chart)
Directional movement index – Neutral
CCI(50)- Bullish
It is good to buy on dips around 1.0500 with SL around 1.0435 for a TP of 1.0660.
