EURUSD AWAITING TECHNICAL CONFIRMATION
The euro continues to consolidate in the middle of its recent trading range against the US dollar, as traders await the outcome of the US monthly jobs report later today. A clear break below the 1.1300 support level may prompt a technical test of the current EURUSD yearly low, while a move above the 1.1430 level may provide the impetus for a test of the 1.1500 resistance level. The United States economy is forecasted to have created 200,000 new jobs during the month of November.
The EURUSD pair is only bearish while trading below the 1.1300 level, key technical support is found at the 1.1216 and 1.1175 levels.
If the EURUSD pair trades above the 1.1430 level, buyers may test the 1.1470 and 1.1500 levels.