NEWS: EURUSD tests – moves above – NY session high April 03, 2020 at 07:28PM


The 1.08088 was the high for the NY session.
The EURUSD is testing and peeking above the NY session high at 1.08088. The price just traded to 1.08103.

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EUR/USD apathetic around 1.0800 post-NFP

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  • EUR/USD remains on the defensive near the 1.08 level.
  • US Nonfarm Payrolls dropped by 701K jobs in March.
  • The jobless rate climbed to 4.4% from 3.5%.

The selling interest around the single currency remains well and sound, with EUR/USD hovering around the 1.0800 neighbourhood in the wake of the US labour market report.

EUR/USD ignores Payrolls, remains offered

EUR/USD keeps the bearish stance unchanged at the end of the week after the US economy lost 701K jobs during last month, missing expectations for a drop of 100K jobs and down from February’s 275K (revised from 273K).

Further data showed the jobless climbed to 4.4% and the critical Average Hourly Earnings – a proxy for inflation via wages – expanded 0.4% MoM and 3.1% over the last twelve months, both prints surprising to the upside.

What to look for around EUR

The rally in EUR/USD appears to have met a tough hurdle in the vicinity 1.1150 so far, sparking the ongoing corrective downside. In the meantime, dynamics around the greenback plus developments from the COVID-19 are expected to keep ruling the price action in the pair. On the macro view, recent better-than-forecasted PMIs in both Germany and the broader Euroland opened the door to some respite in the prevailing downtrend in fundamentals in the region, although the underlying stance still remains well on the negative side and aggravated by recession fears in response to the COVID-19 fallout as well as the probability of the re-emergence of disinflationary trends.

EUR/USD levels to watch

At the moment, the pair is losing 0.60% at 1.0789 and faces the next support at 1.0777 (monthly low Feb.20) seconded by 1.0635 (2020 low Mar.20) and finally 1.0569 (monthly low Apr.10 2017). On the flip side, a break above 1.0964 (38.2% Fibo of the March drop) would target 1.0992 (monthly low Jan.29) en route to 1.1071 (200-day SMA).

EUR/USD making its way into light HFT buying zone!

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High-Frequency Trading algorithms this morning are showing that the EURUSD currency pair has just reached the light HFT buying pressure zone that is noted at 1.0795 and below.

The price reacted well here initially as there was a small bounce, though no bullish signal is formed as of this moment. Bullish price action is this area may set the bottom for today on EURUSD.

Looking at the 1-hour chart, the FxTR accurate CCI trend indicator is showing the trend is still bearish for now.

In a bullish scenario, confirmed by the price action and the indicators with buying signals, EURUSD traders will be looking up toward the 1.09 round number level and toward the light HFT selling pressure zone that is noted at 1.0942 and above.


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