EURUSD Hits Daily Low on Better NFP Data

EURUSD turns lower snapping a four days winning streak after United States Nonfarm Payrolls came in at 128K topping expectations of 89K in October, the Unemployment Rate came in at 3.6% in line with forecasts for October. US Average Hourly Earnings (month over month) came in at 0.2%, below expectations of 0.3% in October.

Investors digest the Fed decision that cut interest rates by 25 bps to 1.50%-1.75%.

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EURUSD Technical Levels after NFP

EURUSD trades close to daily low above the critical 100-day moving average which managed to pierce after the Fed’s decision. On the technical side bulls are in control now as the impressive rebound from two-year lows at 1.0878 up to 1.1172 amid support that risky assets found on better news from US-China trade tensions and Brexit.

On the downside, immediate support stands at 1.1129 daily low, a break below might attract more bears to join the action that may drive the price down to 1.1121 the 100-day moving average. On the upside, immediate resistance stands at 1.1168 today’s high, a break above can lead prices up to 1.1179 monthly high.Download our latest quarterly market outlook for our longer-term trade ideas.

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