5 Jun 2015
EUR/USD falls back to 1.1220
FXStreet (Mumbai) - The USD is recovering losses ahead of the monthly payrolls report, taking the EUR/USD pair lower to 1.1220 levels.
Trades below 23.6% Fib level
The shared currency has pared gains to trade below 1.1229, which is the 23.6% Fib retracement level of 1.0461-1.1465. The pair clocked a high of 1.1278 levels on the back of a strong German factory orders data and upbeat Bundesbank German economic forecasts.
Moreover, the German 10-year yield, a major driven of the common currency, moved lower to 0.873% from a session high of 0.991%. The US monthly non-farm payrolls data, which could provide clues regarding the timing of interest rate hike in the US. Markets expect the data to show the US economy added 225K jobs in April.
EUR/USD Technical Levels
The immediate resistance is located at 1.1229, above which the pair could re-test the daily high of 1.1278. On the flip side, a break below 1.12 could drive the pair lower to 5-DMA currently located at 1.1151.
Trades below 23.6% Fib level
The shared currency has pared gains to trade below 1.1229, which is the 23.6% Fib retracement level of 1.0461-1.1465. The pair clocked a high of 1.1278 levels on the back of a strong German factory orders data and upbeat Bundesbank German economic forecasts.
Moreover, the German 10-year yield, a major driven of the common currency, moved lower to 0.873% from a session high of 0.991%. The US monthly non-farm payrolls data, which could provide clues regarding the timing of interest rate hike in the US. Markets expect the data to show the US economy added 225K jobs in April.
EUR/USD Technical Levels
The immediate resistance is located at 1.1229, above which the pair could re-test the daily high of 1.1278. On the flip side, a break below 1.12 could drive the pair lower to 5-DMA currently located at 1.1151.