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5 Sep 2014
USD bullish tone continues despite poor NFP - FXStreet
FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik points out that the disappointing US jobs numbers for August resulted only in a slight USD pullback across the board.
Key quotes
"The EUR/USD initial spike reached 1.2988, from where it actually retracing towards pre news levels around 1.2945."
"The hourly chart shows indicators had corrected the extreme oversold readings seen after Thursday ECB’s battery of measures, with momentum even heading higher above 100, yet the lack of follow through in price suggests there’s little room for further advances."
"In the 4 hours chart RSI turns lower still below 30, as momentum aims higher well below 100."
"Upward correction may extend up to 1.3000 price zone, yet a break below the daily low of 1.2920 should signal a new leg down, eyeing then 1.2880 support."
Key quotes
"The EUR/USD initial spike reached 1.2988, from where it actually retracing towards pre news levels around 1.2945."
"The hourly chart shows indicators had corrected the extreme oversold readings seen after Thursday ECB’s battery of measures, with momentum even heading higher above 100, yet the lack of follow through in price suggests there’s little room for further advances."
"In the 4 hours chart RSI turns lower still below 30, as momentum aims higher well below 100."
"Upward correction may extend up to 1.3000 price zone, yet a break below the daily low of 1.2920 should signal a new leg down, eyeing then 1.2880 support."