More from FXstreet.com

Forex: EUR/USD down at 1.3000 ahead of the US NFP

By FXstreet.com,  January 04, 2013, 07:34:00 AM EDT

FXstreet.com (Barcelona) - After a sharp fall ahead of the European opening, taking the EUR/USD down from mid-1.30 to the lower area of the psychological level, the pair touched the 1.3000 mark around the time where traders went for lunch. The market remains pressured down there ahead of the US nonfarm payrolls report, the main attraction of the day.

TD Securities analysts expect the pace of job growth to ease to 82K, marking the slowest pace of employment growth since June, and a slightly higher unemployment rate from 7.7% to 7.8%. Commerzbank analysts expect strength of the greenback if the US nonfarm payrolls report gets around consensus or higher in December.

"After yesterday's break below 1.3125 support area the downtrend has accelerated, heading towards 1.2950 dynamic support on the daily frame", wrote Deltastock.com analyst Stoyan Mihaylov, favoring a reversal above 1.2950 to initiate a rebound for 1.3125 resistance area, while major support on the downside is 1.2880.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

Referenced Stocks:



Latest News Video

Turkey to Curb Alcohol Sales
Turkey to Curb Alcohol Sales        
Seib & Wessel: The IRS Just Won’t Go Away
Seib & Wessel: The IRS Just Won’t G...
'Pilot Said There Had Been a Threat'
'Pilot Said There Had Been a Threat...
Fans and Artists Set For Big Weekend
Fans and Artists Set For Big Weeken...


Sign-in
Existing NASDAQ.com member? Log in here.

By signing into to the site using any of the third-party services above, you agree to NASDAQ.com's Terms of Use.

From Our Trusted News Source





Most Active by Volume:

Company Last Sale Change Net / %
BAC $ 13.19 0.02  0.15%
FB $ 24.5699 0.49  1.96%
INTC $ 23.66 0.39  1.62%
HPQ $ 24.2701 0.59  2.37%
MSFT $ 34.15 unch
GE $ 23.53 0.13  0.55%
PFE $ 28.98 0.13  0.45%
P $ 17.58 0.42  2.45%