Wednesday, in the shape of a 47-point downward move, overthrew not only the 200-day SMA (orange – 1.1139) but also a local channel support, taken from the low 1.0981. The nearby 50-day SMA (blue – 1.1090) entered the fold Friday, providing support by way of a bullish engulfing candle over Thursday’s doji indecision formation.
Thursday had the euro slightly softer against a sturdier buck, as the US dollar index, or DXY, elbowed above 97.50. As of current price, buyers and sellers are squaring off a touch below the 1.11 handle on the H4 timeframe.
Release: Friday at 8:30 a.m. (EST). US employment figures provide an irreplaceable insight into the condition of the world’s largest economy. It’s also considered a leading indicator of consumer spending, which drives the economy. The combination of the indicator’s importance and swift reporting generally makes for sizable market moves. Stronger-than-expected figures, values that surprise, … Continue reading Friday’s US Employment Report
Europe’s single currency ceded further ground to the US dollar Wednesday, shedding 0.42% and clocking near-two-week lows a few points north of the 1.11 handle.
Despite Monday’s firm opening, The US dollar index’s recent advance, aided by an upbeat US Non-Manufacturing PMI reading, took a bite out of the British pound Tuesday, shedding more than 45 points, or 0.37%.
