ENP Newswire -
Release date- 04072014 - Following the positive ADP private employment numbers in the US, the non-farm payrolls data smashed economists' predictions with an astonishing 288,000 new jobs created in June.
EUR/USD came under immediate selling pressure and broke all intra-day support levels, moving to the day's low of 1,3596. Even though the support at 1,3600/02 level was recovered, the daily close was only slightly above it which means, according to
On its way down to 1.35, however, EUR/USD will find support at 1.3580 and 1.3550.
Near-term rebounds can't be ruled out at those levels. Leaving the single currency aside for a moment, the US dollar also registered an impressive rise against most of its counterparts, including the Swiss franc and the Japanese yen.
Even so, as analysts at
'It managed to break the 80.00 resistance level and breached the trend line as well.
However, it found resistance in the form of a crucial confluence zone of 200 and 50-day simple moving averages.' Those analysts favor a pullback in the US Dollar Index in the near term that will impact on the behaviour of EUR/USD. NJ
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