EUR/USD trades higher on weak US jobs data, good to buy on dips
EURUSD has taken support near 61.8% retracement and jumped sharply from that level. The pair jumped till 1.19797 on better than expected US Jobs data and is currently trading around 1.19783.
US economy has added 156K jobs in month of Aug compared to forecast of 180K. Weak jobs data shows that dollar will decline further on account of reducing chance of US Fed rate hike in this year.
The pair’s major support is around 1.18167 (61.8% retracement of 1.17036 and 1.2075) and any break below will drag the pair down till 1.1770/1.1745.
On the higher side, 1.19765 (61.8% fibo) will be acting as near term intraday resistance and any break above will take the pair till 1.2000/1.2070 (161.8% retracement).
It is good to buy on dips around 1.19450-500 with SL around 1.18700 for the TP of 1.20700/1.2200.
US economy has added 156K jobs in month of Aug compared to forecast of 180K. Weak jobs data shows that dollar will decline further on account of reducing chance of US Fed rate hike in this year.
The pair’s major support is around 1.18167 (61.8% retracement of 1.17036 and 1.2075) and any break below will drag the pair down till 1.1770/1.1745.
On the higher side, 1.19765 (61.8% fibo) will be acting as near term intraday resistance and any break above will take the pair till 1.2000/1.2070 (161.8% retracement).
It is good to buy on dips around 1.19450-500 with SL around 1.18700 for the TP of 1.20700/1.2200.