The selling mood is doing nothing but growing around the euro, now sending EUR/USD to session lows in the 1.1320/15 band.
EUR/USD hurt by US data
The upbeat results from the US Payrolls caught markets off guard today, as consensus amongst traders was expecting a lower reading. The pair reacted accordingly, rapidly eroding previous gains and setting course for the vicinity of 1.1300 the figure.
It is worth recalling the January saw the US economy adding 257K jobs vs. 234K expected, and revised higher December’s print from 251K to 321K. The jobless rate up ticked to 5.7% from 5.6%, with retail trade, construction, health care, financial activities and manufacturing leading the job gains.
Further selling pressure came after agency S&P cut Greece’s credit rating to –B from B, with the likeliness of further cuts.
EUR/USD significant levels
As of writing the pair is losing 1.47% at 1.1316 with the initial support at 1.1304 (low Feb.5) ahead of 1.1280 (low Feb.2) and then 1.1262 (low Jan.29). On the flip side, a breakout of 1.1494 (21-d MA) would expose 1.1500 (psychological level) and then 1.1534 (high Feb.3).
EUR/USD hurt by US data
The upbeat results from the US Payrolls caught markets off guard today, as consensus amongst traders was expecting a lower reading. The pair reacted accordingly, rapidly eroding previous gains and setting course for the vicinity of 1.1300 the figure.
It is worth recalling the January saw the US economy adding 257K jobs vs. 234K expected, and revised higher December’s print from 251K to 321K. The jobless rate up ticked to 5.7% from 5.6%, with retail trade, construction, health care, financial activities and manufacturing leading the job gains.
Further selling pressure came after agency S&P cut Greece’s credit rating to –B from B, with the likeliness of further cuts.
EUR/USD significant levels
As of writing the pair is losing 1.47% at 1.1316 with the initial support at 1.1304 (low Feb.5) ahead of 1.1280 (low Feb.2) and then 1.1262 (low Jan.29). On the flip side, a breakout of 1.1494 (21-d MA) would expose 1.1500 (psychological level) and then 1.1534 (high Feb.3).
