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3 Apr 2015
EUR/USD muted near 1.0880, US NFP eyed
FXStreet (Mumbai) - EUR/USD is stuck in a narrow range, witnessing a see-saw movement between 1.0867 and 1.0885 since Europe open, as traders are cautious ahead of the US non-farm payrolls data release, which may trigger a fresh USD rally, dragging the major currency pair lower.
EUR/USD supported by 10-DMA
The EUR/USD trades flat at 1.0880 levels, having posted day’s high at 1.0889 and day’s low at 1.0864. EUR/USD continues to trade around a flat line, swinging between 40-pips slim range as the holiday-subdued markets are cautious ahead of the major market mover - US non-farm payrolls release.
After a streak of upbeat data streaming from the US over the past week, the non-farm payrolls reading remain a major highlight and is about to revive hopes for an earlier Fed rate-hike.
Markets are expecting an increase in non-farm payrolls by 245,000 in March with an unemployment rate of 5.5% and a 0.2% increase in average hourly wages for the month.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0900 levels, above which gains could be extended to 1.0950 (March 26 High) levels. On the flip side, support is seen at 1.0865 (10-DMA), below which it could extend losses to 1.0809 (March 29 Low) levels.
EUR/USD supported by 10-DMA
The EUR/USD trades flat at 1.0880 levels, having posted day’s high at 1.0889 and day’s low at 1.0864. EUR/USD continues to trade around a flat line, swinging between 40-pips slim range as the holiday-subdued markets are cautious ahead of the major market mover - US non-farm payrolls release.
After a streak of upbeat data streaming from the US over the past week, the non-farm payrolls reading remain a major highlight and is about to revive hopes for an earlier Fed rate-hike.
Markets are expecting an increase in non-farm payrolls by 245,000 in March with an unemployment rate of 5.5% and a 0.2% increase in average hourly wages for the month.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0900 levels, above which gains could be extended to 1.0950 (March 26 High) levels. On the flip side, support is seen at 1.0865 (10-DMA), below which it could extend losses to 1.0809 (March 29 Low) levels.