The euro currency has fallen for two weeks in a row against the dollar. The EUR/USD currency exchange rate is trading near its lowest price level since July 2020. This benchmark Forex market is also below the twenty, one hundred and two hundred (20, 100, 200) day simple moving averages.
On Friday, the U.S. Labor Department released their October non-farm payroll (NFP) report. The U.S. labor force added 531,000 new jobs in October. This was above the median forecast for 435,000 new jobs.
The unemployment rate fell to 4.6 percent as the workforce continues to shrink. The U.S. labor participation rate held steady at 61.6 percent.
The economic calendar for Monday is pretty uneventful. The Eurozone will feature the monthly Sentix investor confidence survey. The economic calendars for the United States and United Kingdom are quiet.
Daily Euro Currency Technical Report
Looking at the above daily MT 4 chart, the technical indicators sloping lower within negative levels. This could signal more losses for the euro currency ahead as lower lows are formed. While below the 20 day simple moving average, the bears remain in control as buyers for the shared currency are scarce.
Further, the 20 day simple moving average has capped the upside in the EUR/USD Forex market for the past week. This is another good sign, possibly, for the euro bears.
With that said, there is a downside congestion zone in play at 1.1460 to 1.1470. A daily close below this area opens the door to challenge the next downside congestion area lining up at 1.14 to 1.1420.
On the upside, immediate technical resistance lines up at 1.1520. The 20 day simple moving average comes into play near 1.16/01 with 1.1615 then coming into focus.
The next layer of technical resistance then comes into play near 1.1670. Both the 100 and 200 day simple moving average are too high up on the chart to be a short-term factor.