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1 Aug 2014
EUR/USD hinging on upcoming US NFP data - FXStreet
FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik comments that the EUR/USD remains in wait and see mode ahead of the release of crucial US employment numbers for July.
Key quotes
"Earlier on the day, Europe suffered another economic setback, with local manufacturing PMIs missing expectations, albeit the pair ignored the news."
"Right now, everything depends on US Payrolls: if the data is stronger than expected, investors will likely turn back to the greenback, and self EUR weakness may do the rest."
"A break below recent low of 1.3370 should lead to a quick extension towards the 1.3320/30 price zone, with a final target at 1.3295, past November monthly low."
"On the other hand, data needs to come below 200K to be considered disappointing, and may trigger some upward corrections in the pair: above 1.3400, resistances stand at 1.3440 and 1.3475, former year low."
"If the rally is unable to extend beyond this last, the pair may resume the downside from there."
Key quotes
"Earlier on the day, Europe suffered another economic setback, with local manufacturing PMIs missing expectations, albeit the pair ignored the news."
"Right now, everything depends on US Payrolls: if the data is stronger than expected, investors will likely turn back to the greenback, and self EUR weakness may do the rest."
"A break below recent low of 1.3370 should lead to a quick extension towards the 1.3320/30 price zone, with a final target at 1.3295, past November monthly low."
"On the other hand, data needs to come below 200K to be considered disappointing, and may trigger some upward corrections in the pair: above 1.3400, resistances stand at 1.3440 and 1.3475, former year low."
"If the rally is unable to extend beyond this last, the pair may resume the downside from there."