7 Aug 2015
EUR/USD in flat-lining around 1.0920, German data eyed
FXStreet (Mumbai) - The single currency continues to trade around a flat line versus the US dollar heading into the European opening bells, with EUR/USD hovering above 1.09 handle. The major keeps paused its two-day upbeat momentum and treads water awaiting fresh economic news from Germany ahead of today’s highlight – US payrolls due later in the New York session.
EUR/USD clings to 1.09 handle
The EUR/USD pair trades flat at 1.0922, oscillating in a 20-pips narrow range. The EUR/USD pair appears to have formed a small doji stick on daily charts indicating that the major awaits fresh triggers for a decisive break on either side.
However, the European currency looks vulnerable amid persistent US dollar strength across the board, as the buck rides higher on the recent series of upbeat US fundamentals including the latest jobless claims, which continues to bolster Sept Fed rate hike bets.
Meanwhile, markets now turn their attention towards German industrial production and trade balance data which will followed by the crucial US NFP data due later in the day for further momentum.
Today’s payrolls from the US are expected to post 225,000 job adds for July, little changed from the 223,000 jobs in June.
Register to the live coverage and trade the NonFarm Payrolls with Bednarik, Pinkert and Elam. We are Forex!
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0938 (Aug 5 High) levels, above which gains could be extended to 1.0990 (Aug 4 High) levels. On the flip side, support is seen at 1.0911 (Today’s Low) below which it could extend losses to 1.0876 (Aug 4 Low).
EUR/USD clings to 1.09 handle
The EUR/USD pair trades flat at 1.0922, oscillating in a 20-pips narrow range. The EUR/USD pair appears to have formed a small doji stick on daily charts indicating that the major awaits fresh triggers for a decisive break on either side.
However, the European currency looks vulnerable amid persistent US dollar strength across the board, as the buck rides higher on the recent series of upbeat US fundamentals including the latest jobless claims, which continues to bolster Sept Fed rate hike bets.
Meanwhile, markets now turn their attention towards German industrial production and trade balance data which will followed by the crucial US NFP data due later in the day for further momentum.
Today’s payrolls from the US are expected to post 225,000 job adds for July, little changed from the 223,000 jobs in June.
Register to the live coverage and trade the NonFarm Payrolls with Bednarik, Pinkert and Elam. We are Forex!
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0938 (Aug 5 High) levels, above which gains could be extended to 1.0990 (Aug 4 High) levels. On the flip side, support is seen at 1.0911 (Today’s Low) below which it could extend losses to 1.0876 (Aug 4 Low).