The Euro is trading now lower against the U.S. Dollar right after the release of the U.S. Non-Farm Payrolls report. Earlier in this session, the Euro increased to a three-month high on Friday and was shooting for a third consequent week of gains after the European Central Bank (ECB) expanded its stimulus program.
the Eur/Usd is trading 1.1299, down 0.0035, or -0.31%.
The Euro dropped after the latest monthly U.S. jobs report came in much better than expected.
Economists surveyed by Dow Jones had been expecting payrolls to drop by 8.333 million and the unemployment rate rose to 19.5% from April’s 14.7%.
The May increase was by far the largest one-month jobs gain in U.S. history since at least 1939.
The jump in employment almost mirrored the 2.7 million drop in workers who reported being temporarily sacked.
Leisure and hospitality workers made up almost half the increase, with 1.2 million going back to work.
Daily Swing Chart Technical Analysis
The main trend is up according to the swing chart, but, the price action suggests the EUR/USD may be forming a bearish closing price reversal top. If confirmed, this could trigger the start of a 2 to 3-day correction.
the range is 1.1496 to 1.0636. Its retracement zone at 1.1167 to 1.1066 is controlling the longer-term direction of the EUR/USD. This zone is also supported. Based on the developing chart pattern, it is reasonable to expect a pullback into at least the Fibonacci level at 1.1167 over the near-term.
Nice analysis man. Unlike cryprlto such fiat momey is easy to analyse as theya re less volatile