EUR/USD eye's next key levels to the downside

By FXstreet.com | September 01, 2014 AAA

FXStreet (Guatemala) - EUR/USD is trading at 1.3130, down -0.01% on the day, having posted a daily high at 1.3147 and low at 1.3119.

We had a move that took the pair down through the 1.3150 barrier and with that it seems that next down-leg in EUR has started. There are expected barriers at 1.3125 and 1.3105. The Market Strategy Team at UOB Group said,
“Only an unlikely break back above 1.3175 would indicate that a temporary low is in place”. The event risks this week are in the main coming in the form of US jobs numbers. Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman said that the US employment data will also most likely confirm what we already know, and if it does not, it will likely be shrugged off as a fluke. “There is no reason not to look for the 200+ monthly increases in non-farm payrolls to extend the streak to seven consecutive months."

EUR/USD hourly levels

With spot trading at 1.3131, we can see next resistance ahead at 1.3139 (Hourly 20 EMA) and 1.3147 (Daily High). Support below can be found at 1.3120 (Annual Low), 1.3110 (Daily Classic S1) and 1.3102 (Weekly
Classic S1).

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