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EURUSD – Euro Continues To Gain Momentum Vs Dollar

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Aayush Jindal

Key Highlights

  • Euro remained supported against the US Dollar, and formed a nice bullish trend.
  • This past week’s highlighted ascending channel is still active on the 4-hours chart of EURUSD with support at 1.0720.
  • The pair may eye further gains as long as it is above the 1.0700 handle.
  • Today in the Euro Zone, the Sentix Investor Confidence Index will be released, which is forecasted to decrease from 18.2 to 17.4.

EURUSD Technical Analysis

The Euro remained in action against the US Dollar, and was well supported near 1.0700. It looks like the EURUSD pair may gain further momentum, and trade towards 1.0800 in the short term.EURUSD Technical AnalysisThis past week, I highlighted an ascending channel pattern on the 4-hours chart, which is still in play and acting as a support near 1.0720. The recent dip in the pair was protected by the same channel and may continue to support the current bullish trend.On the upside, the most important resistance is at 1.0800, which acted as a hurdle on a couple of occasions for the Euro buyers. A break above it could clear the way for additional upsides towards 1.0850.

Euro Zone Sentix Investor Confidence Index

Today, the Euro Zone Sentix Investor Confidence Index will be released by the Sentix GmbH. The market is aligned for a decrease from 18.2 to 17.4 in Feb 2017.If the actual result registers a positive reading, there is a chance of the Euro gaining further momentum towards 1.0800 in the short term.

US Nonfarm Payrolls

This past week on Friday, the US nonfarm payrolls figure for Jan 2017 was released by the US Department of Labor. The market was expecting the number of new jobs created to increase to 175K in Jan 2017.The result was positive, as there was an increase to 227K. However, the US Unemployment Rate posted an increase from 4.7% to 4.8%. The report highlighted that “Among the major worker groups, the unemployment rate for Asians (3.7 percent) increased in January. The jobless rates for adult men (4.4 percent), adult women (4.4 percent), teenagers (15.0 percent), Whites (4.3 percent), Blacks (7.7 percent), and Hispanics (5.9 percent) showed little or no change over the month“.Overall, the result was positive, but the EURUSD pair succeeded in maintaining the support area, and headed higher.
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