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EUR/USD May Test 1.1080 Support Amid NFP Release -

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    • EUR/USD May Test 1.1080 Support Amid NFP Release
Sep, 07th 05:48

The EUR/USD pair closed at 1.1145 on Friday, down for a second week in-a-row as the ECB dovish tone weighed.

Technically, the daily chart shows that the price managed to close the day slightly above the 100 and 200 SMAs, but below the 20 SMA, whilst the Momentum indicator heads lower around the 100 level and the RSI hovers around 47, maintaining the risk towards the downside.

The daily 200 SMA stands around 1.1090, from where the pair bounced several times over the last few trading days. In the 4 hours chart, the price is below a bearish 20 SMA, whilst the technical indicators lack directional strength, but remain below their mid-lines, supporting a downward continuation on a break below the 1.1080 support.

Meanwhile US Nonfarm Payrolls mixed expectations as the economy created 173K new jobs in August, against 220K expected. Unemployment rate however, fell down to 5.1%, whilst wages ticked higher, up to 0.3%. July figures were revised higher, as the economy added 245K back then. The mixed result was not enough to confirm a FED’s September rate hike, neither to deny it.

Stocks closed in the red, and the major indexes seem poised to retest the lows reached during the Black Monday, with Chinese economic slowdown still as the main markets’ theme for the upcoming days probably favoring more risk aversion trading.

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