eurusd

After a relatively quiet session in European trade, with risk slightly elevated on the back the N.Korean headlines where Trump said he plans to meet N.Korea's leader after the promise to give up nuclear weapons, EUR/USD price action picked up around the nonfarm payrolls event in the US session.

Opening 0.81% lower in European trade after Draghi delivered a cautious tone post-ECB (ECB staff eyes rate rise in mid-2019), EUR/USD was held to a 1.2294-1.2322 range before the US session with German industrial output dropping 0.1% mm vs a +0.5% f/c where Germany's exports also dropped 0.5% vs 0.3% f/c, with imports -0.5% vs 0.0% f/c, (data blamed on seasonal factors).

In the NY, the dollar slipped across the board on soft wages in the nonfarm payrolls report despite the headline beating expectations, (Feb Non-Farm Payrolls, 313k, 200k RTRS forecast, 200k prev, 239k revised, Average Earnings YY, 2.6%, 2.8% RTRS forecast, 2.9% prev, 2.8% revised). EUR/USD opened near 1.2295 but fell to 1.2273 initially on the headline beat.

However, US Treasury yields slipped on the miss in earnings as Fed expectations were scaled back making for a higher yen cross and a bid in Wall Street's stocks aiding EUR/USD to 1.2335 before offers were met taking EUR/USD back down to 1.2315 for the close. Traders will now await the eurozone's inflation data for Feb and US Feb CPI.

The technical outlook of bullish with RSIs heading higher with the price holding above the important  50-D SMA at 1.2273. However, a break there opens risk to 1.22 the figure / 1.2180. To the upside, the 21-D SMA at 1.2332 and 1.2380 guards 1.24 the figure and 1.2440. On the wide, the 2008-2018 resistance line is located at 1.2680 ahead of a wider 1.3190 as being the 50% retracement of the move down from 2008.