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5 Aug 2013
EUR/USD reversed higher on sluggish US employment data Friday
FXstreet.com (Barcelona) - The EUR/USD had appeared set for a continued short-term correction lower after Thursday’s big down move. But, a tepid non-farm payrolls number on Friday caused EUR/USD to shoot back to the upside.
A sharp reversal higher Friday followed a big move lower Thursday
The employment data out of the US Bureau of Labor Statistics Friday came in slightly on the disappointing side – causing a halt to the Dollar strength we saw just one day before. That Dollar strength, had it continued, might have marked an end to the recent up move in the EUR/USD. Friday’s reversal, however, put the EUR/USD right back on the short-term bullish track according to technicians.
Technical outlook for EUR/USD
The EUR/USD should, according to technicians move a bit higher from 1.3281. They have upside targets ranging from 1.3350 to 1.3414. Short-term support comes in at Friday’s low of 1.3187 and is backed up by “correction support” at 1.3123. Very short-term resistance comes in at Wednesday’s high at 1.3344 and is followed on the upside by the upside target range of 1.3350 to 1.3414.
A sharp reversal higher Friday followed a big move lower Thursday
The employment data out of the US Bureau of Labor Statistics Friday came in slightly on the disappointing side – causing a halt to the Dollar strength we saw just one day before. That Dollar strength, had it continued, might have marked an end to the recent up move in the EUR/USD. Friday’s reversal, however, put the EUR/USD right back on the short-term bullish track according to technicians.
Technical outlook for EUR/USD
The EUR/USD should, according to technicians move a bit higher from 1.3281. They have upside targets ranging from 1.3350 to 1.3414. Short-term support comes in at Friday’s low of 1.3187 and is backed up by “correction support” at 1.3123. Very short-term resistance comes in at Wednesday’s high at 1.3344 and is followed on the upside by the upside target range of 1.3350 to 1.3414.