Back
7 Mar 2014
EUR/USD back to 1.3870 on upbeat Payrolls
FXStreet (Edinburgh) - The single currency is now losing ground against the greenback on Friday, dragging the EUR/USD to the area of 1.3850.
EUR/USD off 2014 highs
The pair is retracing earlier gains after February’s Non Farm surprised investors to the upside at 175K vs. 149K estimated. Further data in the US economy also showed than the unemployment rate ticked higher to 6.7% and the trade deficit to $39.1 billion vs. $39.0 billion forecasted. “A close below 1.3820 would reduce near term upside potential, but a break below 1.3750 is needed to frustrate the up-move”, commented Tim Riddell, Head of Global Markets Research at ANZ.
EUR/USD levels to watch
At the moment the pair is up 0.13% at 1.3875 with the immediate resistance at 1.4000 (psychological level) followed by 1.4172 (high Oct.31 2011) and then 1.420 (high Oct.38 2011). On the flip side, a breakdown of 1.3721 (low Mar.6) would open the door to 1.3707 (low Mar.5) and finally 1.3694 (low Feb.28).
EUR/USD off 2014 highs
The pair is retracing earlier gains after February’s Non Farm surprised investors to the upside at 175K vs. 149K estimated. Further data in the US economy also showed than the unemployment rate ticked higher to 6.7% and the trade deficit to $39.1 billion vs. $39.0 billion forecasted. “A close below 1.3820 would reduce near term upside potential, but a break below 1.3750 is needed to frustrate the up-move”, commented Tim Riddell, Head of Global Markets Research at ANZ.
EUR/USD levels to watch
At the moment the pair is up 0.13% at 1.3875 with the immediate resistance at 1.4000 (psychological level) followed by 1.4172 (high Oct.31 2011) and then 1.420 (high Oct.38 2011). On the flip side, a breakdown of 1.3721 (low Mar.6) would open the door to 1.3707 (low Mar.5) and finally 1.3694 (low Feb.28).