#EURUSD Spike After a disappointing Jobs Data
🔸EUR today experienced an 1.30% spike, the most volatile it has been since April 15, jumping from 1.078 to 1.092 following the increase in unemployed rate.
🔹Non-farm payroll data for July disappointed to the downside as fewer hires were achieved in the month of June. US added 114k jobs in July, below the expected 175k and June's 179k.
🔸Previously, the US job market has been hailed for its resilience, something that is coming under threat in the second half of the year as restrictive monetary policy appears to be having a stronger effect in the broader economy.
🔹On the technical side, the price has used both the 200 MA and the 50 MA and the 0.5 fib level to push the price up above the 0.38 fib level if buyers can sustain the current price level the pair can rise to 1.097, 1.103, 1.112 and 1.126.
🔸Alternatively, if the price falls below the support at 1.079, sellers can push the price down to 1.071, 1.059 and 1.053.
Zanzibar Trading
🔹Non-farm payroll data for July disappointed to the downside as fewer hires were achieved in the month of June. US added 114k jobs in July, below the expected 175k and June's 179k.
🔸Previously, the US job market has been hailed for its resilience, something that is coming under threat in the second half of the year as restrictive monetary policy appears to be having a stronger effect in the broader economy.
🔹On the technical side, the price has used both the 200 MA and the 50 MA and the 0.5 fib level to push the price up above the 0.38 fib level if buyers can sustain the current price level the pair can rise to 1.097, 1.103, 1.112 and 1.126.
🔸Alternatively, if the price falls below the support at 1.079, sellers can push the price down to 1.071, 1.059 and 1.053.
Zanzibar Trading
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