EURUSD digest the strong NFP data released the previous Friday that boosted US dollar across the board. Mixed headlines from China and U.S around the trade negotiations continue to confuse investors around the globe ahead of the December 15th deadline on new tariffs to Chinese imports.
The Fed and ECB statements from their last 2019 policy meetings might provide fresh clues about the interest rates in 2020. Investors expect both central banks to keep interest rates unchanged.
EURUSD breached the 1.11 level on Friday after the release of NFP data that beat analyst’s expectations. The pair lost over 60 pips after the release of the news and broke below the 50 and 100-day moving averages.
On the technical side the recent positive momentum has been cancelled after Friday’s sharp drop. The pair today is trapped between the 50 and 100-day moving averages. As of writing EURUSD is trading 0.04% higher at 1.1064 with the first resistance now at 1.1068 today’s top, and then at 1.11 psychological mark. A break above that resistance level can lead EURUSD price up 1.1109 the Friday’s session high.
On the other hand, immediate intraday support stands at 1.1053 daily low, while a break below that level might lead price down to 1.1039 the low from the previous session. In the case EURUSD breaks below that support level next target to the downside stands at 1.1002 the low from December 2nd.More content