Forex Marketz Daily Forex News – Fully Markets Update
This morning, during the Asian trade session, the euro, or the EUR/USD Forex market moved lower. On Friday, the United States released its non-farm payroll (NFP) data which showed that the US economy added a solid 209,000 jobs in July. This is according to data from the Labor Department. This was well above the expected gain of 183,000 that had been forecasted.
The euro then turned lower against the almighty buck after its highest level since January 2015. Prices have now broken the one-month uptrend. The NFP print clearly supported Dollar traders, for now, as there is new hope for another rate hike this year.
This support for the dollar could be short live as there are still rising geopolitical tensions with North Korea as well as growing political uncertainty. The special prosecutor, assigned to the Russian hacking probe into the last US presidential election, Robert Mueller, has issued subpoenas and convened a grand jury.
Euro Technical Analysis
Let’s look at today’s euro daily technical analysis. The next layer of technical support lines up at 1.1608. A daily close below this level challenges the next downside barrier that lines up at 1.1515.
The alternative technical analysis notes an upside barrier that lines up at a former support level. This technical resistance level is at 1.1830. A break above this first upside barrier challenges the next technical resistance level lining up at 1.1910.
For the record, I do have a short sell order in play at 1.1810. If it should go active, the first target is at 1.1608 with the initial stop loss at 1.1910.
