2 Jul 2015
EUR/USD paring gains ahead of US non-farm payrolls report
FXStreet (Mumbai) - The EUR/USD pair is slowly erasing gains after having been rejected at 1.1084 (5-DMA) as the US payrolls report is expected to show the labor market continued to strengthen in June.
Trades below fib resistance
The spot ran into offers after the pair fell below 1.1082, which is the 38.2% Fib R of 1.0461-1.1465. The USD is strengthening across the board as the non-farm payrolls report is expected to show the US economy added 230K jobs in June after 280K additions seen in May.
Watch the NonFarm Payrolls Live Coverage with Valeria Bednarik and Dale Pinkert
Meanwhile, the common currency is also under pressure as we head closer to the July 5 referendum in Greece. Germany and other EU officials rejected Greece deal talks before the referendum on Sunday.
EUR/USD Technical Levels
The pair currently trades at 1.1054. The immediate support is seen at 1.1050 (Mar 26 low), under which the spot could drop to 1.10 levels. On the flip side, a break above 1.1082 (38.2% Fib R of 1.0461-1.1465) could see the pair rise to 1.1130 (June 26 low).
Trades below fib resistance
The spot ran into offers after the pair fell below 1.1082, which is the 38.2% Fib R of 1.0461-1.1465. The USD is strengthening across the board as the non-farm payrolls report is expected to show the US economy added 230K jobs in June after 280K additions seen in May.
Watch the NonFarm Payrolls Live Coverage with Valeria Bednarik and Dale Pinkert
Meanwhile, the common currency is also under pressure as we head closer to the July 5 referendum in Greece. Germany and other EU officials rejected Greece deal talks before the referendum on Sunday.
EUR/USD Technical Levels
The pair currently trades at 1.1054. The immediate support is seen at 1.1050 (Mar 26 low), under which the spot could drop to 1.10 levels. On the flip side, a break above 1.1082 (38.2% Fib R of 1.0461-1.1465) could see the pair rise to 1.1130 (June 26 low).