Friday, July 8, 2011

EUR/USD Prospects after US Non Farm Payrolls

Analysts at Commerzbank think that the greenback won’t be able to gain versus the single currency on the Non-Farm Payrolls data.

The specialists think that even if the data goes in line with the forecasts, US dollar won’t be able to keep moving up.

The bank claims that the market talks about 130,000-140,000. If US economy gets less than 100,000 jobs, investors will get disappointed, especially in the unemployment rate increases.

As the specialists are looking forward to a discouraging result, the pair EUR/USD, in their view, has all chanced to find support.  

The European currency returned today below $1.4300. Support levels are situated at $1.4220 (July 7 minimum), $1.4155 (uptrend support from May minimums) and $1.4100 (July 26 minimum). Resistance is situated at $1.4365/75 (50-day MA), $1.4395 (July 5 minimum) and $1.4465 (July 6 maximum).

h4 eurusd 14-56 

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