Friday, November 6, 2015

EUR/USD testing 1.0870 on data

FXStreet (Edinburgh) - The single currency has given away initial gains vs. the dollar on Friday, now taling EUR/USD to test lows in the 1.0870/60 band.

EUR/USD attention to Payrolls

The pair is trading on the back footing so far following another disappointing print from the German economy. This time, Industrial Production has contracted at a seasonally adjusted 1.1% on a monthly basis during September vs. a 0.5% gain forecasted.

Spot is now trying to consolidate after the recent deep pullback to the 1.0830 area, where it seems some buying interest has turned up. The next big risk event for the pair will be today’s US Payrolls, with consensus gyrating around 180K for the month of October.

EUR/USD levels to watch

As of writing the pair is down 0.03% at 1.0873 facing the next support at 1.0808 (low Jul.20) ahead of 1.0519 (low Apr.13) and finally 1.0456 (2015 low Mar.16). On the flip side, a breakout of 1.0988 (76.4% Fibo of 1.1496-1.0832) would open the door to 1.1034 (downtrend from 1.1496) and then 1.1099 (200-day sma).
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