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EURUSD surged more than 200 pips after mixed US NFP data. The US dollar dropped sharply on hopes of a dovish fed rate hike in the coming months. The decline in average hourly earnings pushed the Euro higher. It hits an intraday high of 1.06978 and is currently trading around 1.06941.
According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in Feb rose to 73.2% from 67.7% a week ago.
The US 10-year yield lost more than 5% after jobs data. Any break and close below 3.32% confirm the further bearish trend. The yield spread between 10 and 2-year narrowed to -69 basis points from -77 bpbs.
Technical:
On the higher side, near-term resistance is around 1.0700 and any convincing breach above will take the pair to the next level of 1.0800.
The pair's immediate support is at 1.0660, breaking below targets of 1.0600/1.0570/1.0500.
Indicator (4-hour chart)
Directional movement index – Bullish
CCI(50)- Bullish
It is good to buy on dips around 1.0680-825 with SL around 1.0630 for a TP of 1.0800.
