EUR/USD eases to 1.3650

By FXstreet.com | July 03, 2014 AAA

FXStreet (Edinburgh) - The single currency is now testing overnight lows in the mid-1.3600s, with the EUR/USD correcting lower from session tops above 1.3660.

EUR/USD eyes on Payrolls, ECB

The next big event in the FX universe will be June’s Payrolls, with consensus expecting the US economy to have created 212K jobs, a tad lower than May’s 217K, and the jobless rate to stay put at 6.3%. Further significant releases include the US trade balance figures ($-45.0 billion exp.), ISM Non manufacturing (56.7 exp.) and Initial Claims (314K exp.). In the meantime in Euroland, the main event will be the ECB gathering and subsequent press conference by President M.Draghi. “Unless ECB President Draghi attempts to talk down the euro, and/or signals that the ECB have made further progress on their asset purchase plan, then it is unlikely that today’s policy meeting will have much impact on euro direction in the near-term”.

EUR/USD relevant levels

At the moment the pair is losing 0.06% at 1.3650 with the next support at 1.3641 (low Jun.30) ahead of 1.3610 (low Jun.27) and then 1.3605 (21-d MA). On the upside, a breakout of 1.3675 (200-d MA) would target 1.3683 (high Jul.2) en route to 1.3701 (high Jul.1).

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