FXStreet (Córdoba) – EUR/USD lost momentum and halted its recent rally after hitting a 3 ½-month peak of 1.1238 following disappointing US jobless claims data.
The pair pulled back from recent highs and dipped below the 1.12 mark. However, with the pullback contained by 1.1157, it settled in a narrow range centered in the round number over the last hours, as the dollar is taking a breather following a massive sell-off. At time of writing, EUR/USD is trading at 1.1190, still up 0.77% on the day, having risen almost 300 pips from yesterday’s lows.
Market’s attention now turns to the nonfarm payrolls report on Friday, which is expected to show that the US economy added 190,000 jobs in January, down from a 292,000 gain in December.
EUR/USD levels to watch
As for technical levels, immediate resistances are seen at 1.1238 (Feb 4 high), 1.1298/1.1300 (23.6% Fibo retracement of 1.3993-1.0462/psychological level), 1.1385 (Oct 20 high). On the other hand, supports could be found at 1.1055 (200-day SMA), 1.0967 (100-day SMA) and 1.0909 (20-day SMA).
EUR/USD lost momentum and halted its recent rally after hitting a 3 ½-month peak of 1.1238 following disappointing US jobless claims data.
(Market News Provided by FXstreet)