EUR/USD seesaws after NFP data, ends the week below 1.0200
The pair EUR/USD seesawed between small gains and losses on Friday as investors assessed an upbeat June’s US nonfarm payrolls report.
The shared currency is currently trading at the 1.0170 area, having hit a fresh cycle low of 1.0071 as a reaction to the NFP data and rising to a daily high of 1.0191 before losing momentum.
The US Bureau of Labor Statistics data showed US economy created 372,000 new jobs in June, surpassing the market’s estimate of 268,000, which boosted the US dollar as knee-jerk reaction. Further data showed that wage inflation, measured by average hourly earnings, was 5.1% YoY, slightly above investors' estimates while the jobless rate remained unchanged at 3.6%.
Meanwhile, ECB officials remain cautious about rate hikes at the upcoming meetings as they also assess the possibilities of the eurozone tipping into a recession. The divergence between the ECB and the Fed has put the EUR/USD in a downward spiral over the last months, all of which have been exacerbated with the Russian invasion of Ukraine.
Both weekly and daily charts suggest a clear bearish perspective for the EUR/USD, which is on its way to parity as the pair remains below its main moving averages while indicators hover in negative territory.
On the daily chart, the RSI stays in oversold levels, while the MACD keeps printing higher red bars as bearish momentum increases.
The 1.0100 area, last seen in December 2002, is the last support that stands between the EUR/USD and parity. On the other hand, a break above the 1.0300 area could pave the way toward the former cycle low of 1.0349 and then to the 20-day SMA, currently at 1.0433.
The shared currency is currently trading at the 1.0170 area, having hit a fresh cycle low of 1.0071 as a reaction to the NFP data and rising to a daily high of 1.0191 before losing momentum.
The US Bureau of Labor Statistics data showed US economy created 372,000 new jobs in June, surpassing the market’s estimate of 268,000, which boosted the US dollar as knee-jerk reaction. Further data showed that wage inflation, measured by average hourly earnings, was 5.1% YoY, slightly above investors' estimates while the jobless rate remained unchanged at 3.6%.
Meanwhile, ECB officials remain cautious about rate hikes at the upcoming meetings as they also assess the possibilities of the eurozone tipping into a recession. The divergence between the ECB and the Fed has put the EUR/USD in a downward spiral over the last months, all of which have been exacerbated with the Russian invasion of Ukraine.
Both weekly and daily charts suggest a clear bearish perspective for the EUR/USD, which is on its way to parity as the pair remains below its main moving averages while indicators hover in negative territory.
On the daily chart, the RSI stays in oversold levels, while the MACD keeps printing higher red bars as bearish momentum increases.
The 1.0100 area, last seen in December 2002, is the last support that stands between the EUR/USD and parity. On the other hand, a break above the 1.0300 area could pave the way toward the former cycle low of 1.0349 and then to the 20-day SMA, currently at 1.0433.
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