EUR/USD is hovering around its lowest point since mid-August.
The EUR/USD pair begins the week on a calm note, consolidating its steep losses from the previous week to touch its lowest point since mid-August following the positive US employment report on Friday. Spot prices are presently trading around the 1.0975 area and appear susceptible to continuing the significant decline that has recently occurred from a 14-month high.
As traders reduced their bets further on the Federal Reserve (Fed) cutting interest rates dramatically in November in response to unexpectedly positive US jobs data, the US Dollar (USD) is now trading close to a seven-week high. According to the headline NFP, the economy added 254K jobs in September, significantly exceeding consensus projections, while the unemployment rate unexpectedly fell to 4.1%. This demonstrated the continued strength of the US job market, but concerns about inflation were stoked by the Average Hourly Earnings faster-than-expected increase, dashed expectations of a more aggressive Fed policy easing.
EUR/USD Technical Analysis:
The EUR/USD trades on Monday at 1.09600, with a bearish trend, according to daily chart analysis. Although the pair is still trading much below the Daily 72 EMA, support for EUR/USD might come from the 1.09000 mark. The pair may proceed toward psychological support at 1.08000 if they break through this barrier.
Conversely, should buyers seize control of the market, resistance will be found at 1.1000, which is in line with the Daily 72 EMA.
As traders reduced their bets further on the Federal Reserve (Fed) cutting interest rates dramatically in November in response to unexpectedly positive US jobs data, the US Dollar (USD) is now trading close to a seven-week high. According to the headline NFP, the economy added 254K jobs in September, significantly exceeding consensus projections, while the unemployment rate unexpectedly fell to 4.1%. This demonstrated the continued strength of the US job market, but concerns about inflation were stoked by the Average Hourly Earnings faster-than-expected increase, dashed expectations of a more aggressive Fed policy easing.
EUR/USD Technical Analysis:
The EUR/USD trades on Monday at 1.09600, with a bearish trend, according to daily chart analysis. Although the pair is still trading much below the Daily 72 EMA, support for EUR/USD might come from the 1.09000 mark. The pair may proceed toward psychological support at 1.08000 if they break through this barrier.
Conversely, should buyers seize control of the market, resistance will be found at 1.1000, which is in line with the Daily 72 EMA.
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