LiteForex_Official

EUR/USD: NFPR had little effect

FX:EURUSD   Euro Fx/U.S. Dollar
45 1 1
Current trend
Despite strong Friday’s data on the Nonfarm Payrolls in the US, the Dollar could not recover losses of Thursday.
Nonetheless, November NFPR suggest a steady recovery of the US labour market. The figure came out stronger than was predicted by economists at 211 thousands new jobs, while October figure was revised up from 271 to 298 thousands new jobs. In addition, Average Hourly Earnings in November increased by 0.2%.
Considering strong recent data from the US, the probability of an interest rate hike in December significantly increases that could lead to the USD strengthening.

Support and resistance
For the downward trend to resume the price should consolidate below the support levels at 1.0820 (EMA200 on the 4-hour chart, May and July lows), 1.0760 (EMA144 on the 4-hour chart).
At the same time, a consolidation above the level of 1.0890 (EMA50 on the daily chart ) could allow an upward correction towards the level of 1.1050 (EMA144, upper border of a descending channel on the daily chart ) to continue.
On the daily and weekly charts, OsMA and Stochastic suggest a growth continuation, while on the 4-hour chart the indicators are turning to sales.

Support levels: 1.0820, 1.0760, 1.0700, 1.0600, 1.0560, 1.0500.
Resistance levels: 1.0940, 1.1050, 1.1180, 1.1285.

Trading tips
Pending sell orders can be placed from the level of 1.0845 with targets at 1.0820, 1.0760, 1.0710 and stop-loss at 1.0890.
Pending buy orders can be placed from the level of 1.0910 with targets at 1.0940, 1.1050, 1.1090 and stop-loss at 1.0880.
Eur / Usd, the correction is a fact. In my view, after the correction,Euro/Usd will be increases.
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