EUR/USD staves off a positive NFP’s number - FXStreet

By FXstreet.com | July 03, 2014 AAA

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that it was quite an entertained day in the forex market, albeit looking at the EUR/USD chart you won’t notice.

Key Quotes:

“Beside a huge bearish candle, the pair has moved from one range to another”.

“ECB economic policy and US employment figures outstood, with the ECB leaving rates unchanged and Super Mario suggesting TLTRO may see uptake of as much as EUR 1T, overall EUR bearish. As for NFP, the American economy added 288K new jobs in June”

“Across the board, seems the number was not enough to trigger a dollar rally, let’s not talk about reversals: FED’s path is well priced in and it will take more than one positive number to make investors change their view”.

“In the 4 hours chart technical readings present a strong bearish momentum, while 20 SMA turns south in the 1.3670/80 price zone, offering dynamic resistance in case of recoveries”.

“To the downside, immediate support stands in the 1.3570/80 area where price stalled several times over the last few weeks, with a break below exposing 1.3500 area”.

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