EURUSD traded in a volatile session as it soared following the NFP release but later finished the day slightly lower at 1.1158, for a loss of 42 pips or -0.37%. The EURUSD pair traded in a daily range of 103 pips with a high of 1.1253 and a low of 1.1150. It closed the day well below the 61.8% Fibonacci retracement level at 1.13 again on Friday.
U.S. Non-Farm Employment grew by 151,000 in August, below the consensus estimate of 180,000 while the July number was revised upwards to 275,000. Average Hourly Earnings only increased by 0.1%, but the negative surprise didn’t hurt the Greenback, as last week’s hawkish speech by Janet Yellen continues to influence investors’ expectations.
Today on Monday, the investors are recommended to monitor the following events:
• Spanish Services PMI
• Italian Services PMI
• French Final Services PMI
• German Final Services PMI
• Bank Holiday
The EURUSD finished session back inside the suggested narrow trading range that it consolidated in during the week, just below 1.1185. The pair has a strong resistance at 1.1285 another important zone is found at 1.1465, while support is found at the current rate near 1.1185, at 1.1025 and near 1.09. Right now, I would recommend followers to take buying positions only above 1.1130 with minimum stops of 20 – 30 Pips.
Previous Analysis Reference: I would recommend followers to take buying positions only above 1.1130 with minimum stops of 20 – 30 Pips.. (1sth Sep 2016)
Daily Trading Range:
1.1225 – 1.1105
Daily Support & Resistance Levels
Pivot Point: 1.1175
– Sell below @ 1.1210
o Take Profit:
1st @ 1. 1130
o Stop Loss 1.1240