EUR/USD: Weekly Technical Analysis For October 6-10, 2014

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Fundamental Analysis:

The Euro fell against the U.S dollar on Friday after an upbeat U.S. jobs report boosted expectations for an early interest rate hike, while weak euro zone data added to concerns over the economic outlook for the region. The Labor Department reported Friday that the U.S. economy added 248,000 jobs in September, well ahead of forecasts for jobs growth of 215,000. The unemployment rate ticked down to 5.9%, the lowest level since July 2008 which boosted the strength of the green back against all major currencies on board.


The U.S Dollar index, which tracks the performance of the greenback against a basket of six major currencies, was up 1.23% to 86.79 in late trade, a high last seen in June 2010, capping its twelfth consecutive weekly gain. The twelve-week rally is the longest since the index was created in 1971.



Technical Analysis:

Intraday bias remains on the downside as 21 and 55 EMA trend indicators are crossed downward in the 1 hour charts, 4 hours, Daily and Weekly charts signalling a continuation of strong bearish trend in the pair. SSRC, Stochastic, RSI and MACD Oscillator indicators are showing bearish momentum is still intact, so am expecting further decline to 1.25000 psychological zones in the medium term picture.



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