EUR/USD: Euro extends its gains n the Asian session


EURUSD Movement

For the 24 hours to 23:00 GMT, the EUR rose 0.12% against the USD and closed at 1.1120 on Friday.

The US dollar declined against its major peers, amid weaker-than-expected US jobs data.

In the US, data showed that the non-farm payrolls advanced by 145.0K in December, undershooting market anticipations for a rise of 164.0K. In the prior month, non-farm payrolls had recorded a revised reading of 256.0K. Moreover, the nation’s average hourly earnings rose 2.9% on an annual basis in December, less than market expectations for a rise of 3.1%. Average hourly earnings had registered an advance of 3.1% in the previous month. Meanwhile, the US unemployment rate remained unchanged at 3.5% in December, meeting market expectations.

In the Asian session, at GMT0400, the pair is trading at 1.1128, with the EUR trading 0.07% higher against the USD from Friday’s close.

The pair is expected to find support at 1.1099, and a fall through could take it to the next support level of 1.1069. The pair is expected to find its first resistance at 1.1144, and a rise through could take it to the next resistance level of 1.1159.

Amid lack of macroeconomic releases today, traders would focus on global macroeconomic releases for further direction.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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