- EUR / USD remains in supply above 1.2100.
- Nonfarm payrolls in the US hit 245,000 in November.
- The US unemployment rate fell to 6.7% over the past month.
The EUR/USD it remains bid at the upper end of the recent range, although it is still trading below 1.2200.
EUR / USD is still targeting 1.2200
EUR / USD once again finds resistance at the 1.2170 / 80 zone at the end of the week, always in the context of the prevailing trend of risk appetite in global markets despite a slight recovery in the dollar.
In fact, the greenback is accelerating despite the pessimistic results of the US agenda. In fact, nonfarm payrolls showed that the US economy created “only” 245,000 jobs in November, falling short of forecasts. On the positive side, the unemployment rate fell to 6.7% (from 6.9%).
According to additional data, the trade deficit widened somewhat to $ 63.10 billion in October, while factory orders are due later along with speeches by C. Evans and M. Bowman of the FOMC.
What to look for around EUR
The EUR / USD continues to march towards the north without respite and is gradually approaching the 1.2200 barrier, always in the context of a favorable context in the risk complex. In the very short term, EUR / USD appears supported by prospects for a strong recovery in the region coupled with the increasing likelihood of additional stimulus in the US The risks of this positive sentiment stem from potential political turmoil around the EU Recovery Fund and the growing chances of further easing measures from the ECB being announced at the December meeting.
Technical levels
At the moment, the pair is gaining 0.01% at 1.2140 and a breakout of 1.2177 (December 4, 2020 high) is targeting 1.2413 (April 17, 2018 monthly high) en route to 1.2476 (April 27, monthly high). March 2018). On the downside, the next support is at 1.1920 (November 9 high) followed by 1.1800 (November 23 low) and finally 1.1745 (November 11 weekly low).
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