04 Maret 2016 2:30 AM
Having peaked near 50-DMA at 1.0975 in last US session, the EUR/USD pair continues to drift lower in Asia so far, correcting heavy gains booked yesterday.EUR/USD drops as USD recovers
Currently, EUR/USD trades -0.14% lower at fresh session lows of 1.0941, looking to test 100-DMA support at 1.0922. The offered tone surrounding the EUR/USD pair gathered pace over the last hour as the US dollar halted its downslide and recovered ground somewhat against its six major peers.
On Thursday, the recovery in EUR/USD from 1.0825 region picked-up steam as the US dollar witnessed a massive sell-off after the release of disappointing US dataflow. The ISM non-manufacturing index bettered expectations, however, its employment sub-index dropped. While the factory orders and unemployment claims missed estimates and raised concerns over the recent signs of strength seen in the US economic recovery.
Looking ahead, amid a data-dry EUR calendar, all eyes remain on the much awaited US payrolls data for next direction on the major. The US non-farm payrolls data is expected to show 195k job additions in the US economy last month, against 151k registered in Dec.
In terms of technicals, the pair finds the immediate resistance at 1.0975 (50-DMA). A break beyond the last, doors will open for a test of 1.1000 (psychological mark). On the flip side, the immediate support is placed at 1.0925/22 (1h 20-SMA/ 100-DMA) below which at 1.0900/1.0887 (round figure/ 1h 100-SMA) could be tested.
(Market News Provided by FXstreet)
