EUR/USD: Daily Technical Analysis For July 3, 2014

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The U.S dollar traded largely higher against most major currencies on Wednesday after a private-sector jobs report came in much stronger than anticipated, boosting hopes official data on Non Farm Pay Rolls will do likewise on Thursday. ADP reported earlier in its Non-farm payrolls report showed that the U.S private sector added 281,000 jobs last month, beating expectations for an increase of 207,000 and the highest since November 2012 giving strength to the dollar against all its rivals. Elsewhere, the dollar, however, firmed on sentiments that rates are set to rise next year regardless after Federal Reserve Chair Janet Yellen said earlier that the appetite for risk appears to be on the rise though the country’s top economist sees no need to immediately alter today’s accommodative U.S. monetary policy..


Intra-day bias in the pair remains on the downside as a fresh cross of 21 and 55 Ema signals a bearish scenario with SSRC and MACD Oscillator showing more supply could be seen in the pair.  More fall to 1.35747 support is expected and a clear break of such support could trigger more supply to see a re-test 1.35018 support.


However, a break of 1.36988 resistance would dampen the current bearish trend and resume bullish scenario which may cause more rise to 1.39000 psychological zones in the longer-term picture.


However, investors would be taking a close look on Non Farm Pay Rolls data and the ECB Press Conference scheduled to be released simultaneously on Thursday.

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