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EURUSD continues to trade lower and hits low of 1.09645, lowest level since Oct 2019. German industrial production came much weaker than expected at -3.5% vs forecast of -0.2%. Markets eye US Non-farm payroll for further direction.
US economy is expected to add 160000 jobs in Jan compared to 145000 increase in Dec, the unemployment to be stable at 3.5%. Hourly earnings to gain 0.3% vs 0.1% in Dec.
On the higher side, near-term resistance is around 1.1030 and any indicative break up targets 1.1065/1.1100/1.1125/1.1180. Major bullish continuation only beyond 1.12450.
The pair is trading slightly beneath significant support 1.09800, a dip till 1.0935/1.0880.
It is good to sell below 1.09800 with SL around 1.1030 for the TP of 1.0880.
