Apr. 2, 2021
EUR/USD has been losing ground for 15 days, shedding a total of 1.87% of its value. Today's session suggests more of the same – Euro/Dollar is sliding down from 1.1777 to 1.176, taking a 16 pip loss (0.14%).
Nonetheless, encouraging indicators for Euro published earlier when data for United States Non Farm Payrolls released today at 12:30 PM came out at 916,000, beating projections of 647,000 and showing improvement over the preceding figure of 468,000. The United States Unemployment Rate matches expectations with the new data release of six. This is also a step forward from the previous data of 6.2.
Meanwhile, Euro Zone CFTC EUR speculative net positions were released with a new figure of 73,700, This is down from preceding data of 93,300.
As the day reaches an end, a chart visual study suggests Euro immediate support is around 1.1759, resistance level is at 1.1903. In terms of trend indicators, we can see that at 1.1774, Euro/Dollar made an initial breakout below the 5 day Simple Moving Average, an indication of a negative trend. Asset volatility analysis shows that a slight indication of recovery comes from looking at the Bollinger bands: the lower band is at 1.1679 – a low enough level to usually suggest the Euro is trading below its value.
Overall, the technical analysis suggests the Euro is neutral for the immediate future, with no clear-cut direction.
However, positive performance can be seen looking at other symbols as S&P climbs to a new all-time high at 4,020.63. After a 2 year hiatus, pound/yen is back at 153.08 levels.