EUR/USD reacts to US data

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The US Bureau of Labor Statistics has published the monthly employment data. Released data has shown a major increase in unemployment. The US Dollar index reacted to the news by sharply declining.

Average Hourly Earnings were forecast to show a monthly increase of 0.3%. The actual income change is just 0.2%. Non-Farm Employment Change was expected to show a reading of 176,000 new jobs. The reality is that only 114,000 new jobs have been created. Market consensus was that the Unemployment Rate would be at 4.1%. Released number shows unemployment at 4.3%.

On the EUR/USD charts, it resulted in a move up to the 1.0925 level. It is assumed that the fundamental move is over, and the pair will resume normal trading. In this case, the technical levels will once again be relevant.

A potential decline of the rate is expected to look for support in the 1.0900 mark. Further below, the 1.0880 level could act as support, before the rate reaches the 1.0840/1.0850 range

On the other hand, an extension of the prior surge is set to face the 1.0940/1.0950 range, prior of a test of the 1.1000 mark.
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Sun, 04 Aug 2024 18:22:51 GMT

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