8 Jun 2015
Non Farm Who? EUR/USD recovers NFP losses and jumps to 1.1300
FXStreet (Miami) - The Euro recovered all its post-NFP 200-pip decline from 1.1275 last Friday and now it is testing the 1.1300 against the US Dollar; even higher than Friday's highs. As if Non Farm Payrolls never happened.
After climbing 205 pips on Monday, the EUR/USD jumped from 1.1080 to break above June 5 highs at 1.1275 and to post daily highs around 1.1300. Currently, EUR/USD is trading at 1.1276, up 1.47% on the day, having posted a daily high at 1.1295 and low at 1.1084.
EUR/USD spot is in overbought territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.
EUR/USD Forecast
As previously reported earlier Monday morning, the Dollar was "vulnerable in the short term to shave off the gains made after Friday's Non Farm Payrolls." In fact, according to this report, the "Dollar Index DXY has more to the downside this week."
Admiral Markets' analyst Darren Sinden commented in the EURUSD Forecast Poll that "mixed data has affected the US Dollar" and "Draghi comments at ECB press conference were bullish for Euro." In addition, am "US rate hike may not appear before 2016." Remember that "1.1657 was a strong demand zone in prior rally."
EUR/USD levels
If the pair manages to extend gains above 1.1300, it will find resistances at 1.1375, R2 and June 4 high. Then 1.1400 and 1.1460. To the downside, supports are at 1.1245, 1.1185 and 1.1085.
After climbing 205 pips on Monday, the EUR/USD jumped from 1.1080 to break above June 5 highs at 1.1275 and to post daily highs around 1.1300. Currently, EUR/USD is trading at 1.1276, up 1.47% on the day, having posted a daily high at 1.1295 and low at 1.1084.
EUR/USD spot is in overbought territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.
EUR/USD Forecast
As previously reported earlier Monday morning, the Dollar was "vulnerable in the short term to shave off the gains made after Friday's Non Farm Payrolls." In fact, according to this report, the "Dollar Index DXY has more to the downside this week."
Admiral Markets' analyst Darren Sinden commented in the EURUSD Forecast Poll that "mixed data has affected the US Dollar" and "Draghi comments at ECB press conference were bullish for Euro." In addition, am "US rate hike may not appear before 2016." Remember that "1.1657 was a strong demand zone in prior rally."
EUR/USD levels
If the pair manages to extend gains above 1.1300, it will find resistances at 1.1375, R2 and June 4 high. Then 1.1400 and 1.1460. To the downside, supports are at 1.1245, 1.1185 and 1.1085.