Breaking News
Investing Pro 0
New Year’s SALE: Up to 40% OFF InvestingPro+ CLAIM OFFER

EUR/USD Closes Week Above 1.0500 for First Time in Five Months

By Alex BoltyanCurrenciesDec 03, 2022 10:05AM ET
www.investing.com/analysis/eurusd-closes-week-above-10500-for-first-time-in-five-months-200633079
EUR/USD Closes Week Above 1.0500 for First Time in Five Months
By Alex Boltyan   |  Dec 03, 2022 10:05AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
 
EUR/USD
+0.40%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DX
-0.22%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

The EUR/USD pair managed to close Friday on a positive note despite a sharp pullback seen on the back of stronger-than-expected U.S. nonfarm payroll data. By the close, the EUR/USD pair was trading at 1.0540, with a 0.13% daily gain and a 1.5% weekly advance, the second in a row.

The greenback enjoyed a short-lived spike, alongside U.S. bond yields, following the release of the government jobs report. The nonfarm payrolls report showed the economy created 263,000 jobs in November, above the 200,000 expected, while October’s reading was upwardly revised. The unemployment rate remained unchanged at 3.7%.

Solid jobs data spread doubts about the Fed slowing down the pace of rate increases in December. Investors are now pricing a 10% higher probability of a 75 bps hike for the next FOMC meeting. However, according to the WIRP tool, a 50 bps hike continues to be the strongest case.

EUR/USD daily chart.
EUR/USD daily chart.

From a technical perspective, the EUR/USD short-term bias remains bullish as the shared currency continues to trade above its main moving averages while indicators stand in positive territory. However, the RSI is already pointing at overbought conditions, which could give way to a phase of consolidation before another leg higher.

On the upside, the next resistance levels are seen at the five-month highs scored this week at the 1.0545 zone, ahead of late-June highs around 1.0600-15. On the downside, the next support levels are seen at the 1.0420 area, followed by the 200- and 20-day SMAs at 1.0365 and 1.0315, respectively.

EUR/USD Closes Week Above 1.0500 for First Time in Five Months
 

Related Articles

Brian Twomey
FX Weekly: Levels and Targets By Brian Twomey - Jan 29, 2023

DXY traded 95 pips last week, 136 in the prior week, and 186 pips three weeks ago. D XY’s 1400 pip drop from 114.00’s over the past four months was pretty easy as DXY traded above...

EUR/USD Closes Week Above 1.0500 for First Time in Five Months

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email