EURUSD failed to go down with weak US employment data
Hello everyone. Many traders in the community held bearish view on EURUSD, including me. However, the pull-back got terminated amid disappointing non-farm payrolls data.
According to the Bureau of Labour Statistics (BLS), the economy added more than 266,000 jobs in April after it added more than 916k in the previous month. The sharp decline month-on-month data concerned investors about U.S economy. But, stock market benefited from the weak data amid expectation that FED won't hike the interest rate soon! The lower-than-estimated number also weigh on Dollar index. We can see all major currency peers strengthened against Dollar.
Right. Bad news is good for stock market as well as non-US currencies.
So, that's the fundamental part of my analysis. What's next for EUR?
Technically, the recent high has been conquered, so price is likely to test the next trouble zone around 1.2240.
You can have bearish view on EURUSD, but be cautions to short. More bad US economic data may push EURUSD into higher level.
According to the Bureau of Labour Statistics (BLS), the economy added more than 266,000 jobs in April after it added more than 916k in the previous month. The sharp decline month-on-month data concerned investors about U.S economy. But, stock market benefited from the weak data amid expectation that FED won't hike the interest rate soon! The lower-than-estimated number also weigh on Dollar index. We can see all major currency peers strengthened against Dollar.
Right. Bad news is good for stock market as well as non-US currencies.
So, that's the fundamental part of my analysis. What's next for EUR?
Technically, the recent high has been conquered, so price is likely to test the next trouble zone around 1.2240.
You can have bearish view on EURUSD, but be cautions to short. More bad US economic data may push EURUSD into higher level.
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