Friday December 4, 2009 - 19:16:24 GMT
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FX Times: Daily Technical Update EUR/USD Assessing Non-Farm Payroll Data Reaction
9:35 AM EST
December 4th, 2009
EUR/USD Assessing Non-Farm Payroll Data Reaction
- 4H and 1H: The pair had 3 upswings then one
downswing to end the week near where it opened, at about the 1.4970
level. The downswing was apparently the reaction to the
better-than-expected jobs data from the US. (US Non-farm Payroll Report Surprisesâ€¦)
- This very bearish reaction for the EUR/USD. The pair fell fom
1.5070 to 1.4940 in an hour. Although dramatic we can see in the 4H
time-frame that the market has yet to test the 1.4900 area (78.6%
retracement and rising support line).
- The strength of the decline warns against looking for early reversal signals.
- Observe the 1.4900 area as it will be an important support
next week. If broken and confirmed then as resistance, a medium-term
projection to the 1.4600 can be considered, but 1.4800 area will be
- On the otherhand a bounce from the rising support line projects a rally to 1.5300 in the medium-term.
Fan YangInformation and opinions contained in this report are for
educational purposes only and do not constitute an investment advice.
While the information contained herein was obtained from sources
believed to be reliable, author does not guarantee its accuracy or
completeness. CMS will not accept liability for any loss of profit or
damage which may arise directly, indirectly or consequently from use of
or reliance on the trading set-ups or any accompanying chart analyses.
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All screenshots are made from VT Trader 2.0 and are of actual market data at the time of the screenshot.
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