FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
40,599,955Confirmed
1,122,093Deaths
30,327,296Recovered
Fetching Location Data…
Advertisement
Advertisement
James Hyerczyk
EUR/USD

The Euro is trading lower against the U.S. Dollar at the mid-session on Friday after a government report showed two months of record-setting payroll growth slowed in July, but was still better than Wall Street estimates.

The total nonfarm payroll increased 1.763 million for the month. Traders were looking for growth of 1.48 million.

The unemployment rate fell to 10.25 from its previous 11.1%. This was also better than the 10.6% consensus forecast.

An alternate measure that includes discouraged workers and the underemployed holding part time jobs for economic reasons fell from 18% to 16.5%.

At 12:56 GMT, the EUR/USD is trading 1.1836, down 0.0041 or -0.35%.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 1.1916 reaffirms the uptrend. The main trend will change to down on a move through 1.1185.

The minor trend is also up. A trade through 1.1916 will confirm this. A trade through 1.1696 will change the minor trend to down. This will also shift momentum to the downside.

The minor range is 1.1696 to 1.1916. Its 50% level or pivot at 1.1806 is potential support or a trigger point for an acceleration to the downside.

The short-term range is 1.1371 to 1.1916. Its retracement zone at 1.1644 to 1.1579 is the next potential downside target zone.

Advertisement

Daily Swing Chart Technical Forecast

Based on the early price action and the current price at 1.1836, the direction of the EUR/USD the rest of the session on Friday is likely to be determined by trader reaction to the 50% level at 1.1806.

Bullish Scenario

Holding 1.1806 will indicate the presence of buyers. If this move creates enough upside momentum then look for the rally to possibly extend into 1.1916. Taking out this minor top could trigger a rally into the May 14, 2018 main top at 1.1998.

Bearish Scenario

A sustained move under 1.1806 will signal the presence of sellers. This could trigger a steep plunge into this week’s low at 1.1696. If this minor bottom fails then look for the selling to possibly extend into 1.1644 to 1.1579.

For a look at all of today’s economic events, check out our economic calendar.
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US