#EURUSD @ 0.97942 turns sideways around 0.9800 as the focus has shifted to the US NFP data. (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• EUR/USD turns sideways around 0.9800 as the focus has shifted to the US NFP data.
• As expected, the DXY didn’t respond well to the higher-than-expected US core PCE data.
• German markets are closed on account of the Day of German Unity.

The pair currently trades last at 0.97942.

The previous day high was 0.9854 while the previous day low was 0.9734. The daily 38.2% Fib levels comes at 0.978, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9808, expected to provide resistance.

The EUR/USD pair is displaying back-and-forth moves around 0.9800 in the early Tokyo session. The asset has turned sideways in a 0.9780-0.9815 range as the currency domain is developing itself ahead of the US employment data. For a while, the shared currency bulls are expected to drive the asset higher as it has concluded the corrective move below 0.9750 after hitting a high of 0.9850.

On Friday, the US dollar index (DXY) displayed a lackluster performance despite a higher-than-expected core Personal Consumption Expenditure (PCE) Price Index, Federal Reserve (Fed) preferred inflation tool to gauge inflation. The economic data landed at 4.9%, higher than the expectations and the prior release of 4.7%.

The impact was expected lower as the market participants have already displayed their response toward the more-than-predicted release of the headline Consumer Price Index (CPI) and core CPI for September. In response to that, the Fed also hiked the interest rate by 75 basis points (bps) for the third consecutive time.

Going forward, the US employment data will hog the limelight. As per the consensus, the US Nonfarm Payrolls (NFP) will land at 250k vs. the prior release of 315k. While the Unemployment Rate will remain steady at 3.7%.

On the Eurozone front, the Eurozone Retail Sales data will be of utmost importance. The economic data is expected to decline by 1.7% against a decline of 0.9% reported earlier. In times, when the inflation rate is mounting firmly, a decline in Retail Sales is a cause of worry. Meanwhile, investors should be aware that German markets are closed on Monday on account of the Day of German Unity.

Technical Levels: Supports and Resistances

EURUSD currently trading at 0.9797 at the time of writing. Pair opened at 0.9802 and is trading with a change of -0.05 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.9894, 50 SMA 1.0031, 100 SMA @ 1.0245 and 200 SMA @ 1.0655.

The previous day high was 0.9854 while the previous day low was 0.9734. The daily 38.2% Fib levels comes at 0.978, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9808, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.974, 0.9677, 0.962
• Pivot resistance is noted at 0.9859, 0.9916, 0.9978

[/s2If]
Join Our Telegram Group