EUR/USD trades around 1.0950

Source: Dukascopy Bank SA


Since the high volatility that was caused by the US employment data, the EUR/USD rate has consolidated around the 1.0950. Support is found near 1.0930 and resistance was located at 1.0980.

In the meantime, note that the initial drop of the US Dollar was offset by details of the US employment release. Namely, despite new jobs, higher earnings and lower unemployment rate, the markets spotted that the total workforce had decreased in number.

A move above 1.0980 is set to face a number of resistance levels. First of all, the combination of the weekly simple pivot point at 1.0985 and the 200-hour simple moving average near 1.0990. Afterwards, the 1.1000 mark is set to provide resistance, before the EUR/USD reaches the high level range at 1.1010.

In the meantime, a decline below 1.0925 would look for support in the 1.0900 mark, prior to the rate reaching the support range at 1.0880/1.0890.
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