FXStreet (Barcelona) – Valeria Bednarik, Chief Analyst at FXStreet, offers the technical outlook and key levels for EUR/USD, noting that upside for the pair stands limited.
Key Quotes
“The EUR/USD pair surged up to 1.1120 on the back of a disappointing US employment report, showing that the economy added just 223,000 new jobs, below the 232K expected, May reading suffered a downward revision from 280K to 254, whilst wages remained flat. The only positive note of the report was the unemployment rate that fell down to 5.3%. Even the weekly unemployment claims rose above expectations, up to 2.264M against previous 2.249M.”
“The common currency, was unable to hold above the key 1.1100 figure, and trades steady below it, with the 1 hour chart showing that sellers surged around the 100 SMA, whilst the technical indicators are turning slightly lower above their mid-lines.”
“In the 4 hours chart, the price remains below its moving averages, whilst the technical indicators aim higher, but remain below their mid-lines, keeping the upside limited.”
“Support levels: 1.1050 1.1010 1.0960”
“Resistance levels: 1.1120 1.1160 1.1200”
(Market News Provided by FXstreet)