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6 Sep 2013
EUR/USD back to pre-NFP levels
FXstreet.com (Córdoba) - The EUR/USD has retraced most of its NFP-induced rally and pulled back to pre-data levels as investors continue to assess US employment figures.
EUR/USD jumped to the 1.3180 area as knee-jerk reaction but quickly found sellers and it is currently trading at the 1.3130/40 zone, right where it was before the data.
NFP aftermath
Even though traders were initially disappointed by the employment data, it seems they are having second thoughts as the greenback recovers ground across the board. The NFP are seen as an important driver for whether the Federal Reserve will announce a roll back in its bond purchases at its Sep 17-18 meeting.
EUR/USD levels to watch
As for technical levels, immediate resistances line up at 1.3180 (daily high) and 1.3200 (psychological level) ahead of 1.3223 (Sep 5 high). On the downside, the initial supports are seen at 1.3105 (daily low) and 1.3090 (Jul 19 low) followed by 1.3050 (Jul 16 low).
EUR/USD jumped to the 1.3180 area as knee-jerk reaction but quickly found sellers and it is currently trading at the 1.3130/40 zone, right where it was before the data.
NFP aftermath
Even though traders were initially disappointed by the employment data, it seems they are having second thoughts as the greenback recovers ground across the board. The NFP are seen as an important driver for whether the Federal Reserve will announce a roll back in its bond purchases at its Sep 17-18 meeting.
EUR/USD levels to watch
As for technical levels, immediate resistances line up at 1.3180 (daily high) and 1.3200 (psychological level) ahead of 1.3223 (Sep 5 high). On the downside, the initial supports are seen at 1.3105 (daily low) and 1.3090 (Jul 19 low) followed by 1.3050 (Jul 16 low).