Forex | Forex | Forex: EUR/USD: Euro Post-NFP decline finds support at 1.4195 (04/09/2009 13:58:00)

Forex: EUR/USD: Euro Post-NFP decline finds support at 1.4195

FXstreet.com (Barcelona) - Non-farm payrolls data has unleashed a wave of risk aversion and the Euro has suffered a 70 pips decline from levels around 1.4265 breaking below intra-day low at 1.4235 to find support at 1.4195. On early U.S. session Euro moves above 1.4200.

In case of breaking below 1.4195, next support level lies at 1.4175 intra-week low, and below here, 1.4155 (Aug 18 high). In case of a rebound, above 1.4235 previous day low, next resistances could be 1.4250 and 1.4285 day high.

Despite a slowdown on the pace of layoffs, 26-year high unemployment rate has shocked the markets, says Kathy Lien, Director of Currency Research at GFT: "Non-farm payrolls fell by 216k in August, the fewest in the past 12 months. This was better than the market had anticipated since the expectations was for a drop of 230k. The July data was revised only modestly lower from -247k to -276k. The big surprise was in the unemployment rate which rose to 9.7 percent the highest level since June 1983."
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