Due to NFP 'Bleeding', EUR/USD Stuck 100 Pips!


 The US dollar fell significantly in the last trading session last week due to the market's reaction to the publication of the US NFP employment data report.

Looking at the report, US jobs in October recorded a weak increase of around 150,000 lower than the forecast of 178,000.

While the unemployment rate increased from 3.8% to 3.9%. Average wage income decreased to 0.2% from 0.3% previously.

The overall gloomy reading of the report has added to the expectation that interest rates will not be raised by the Federal Reserve (Fed) at its December meeting.

Price movement on the EUR/USD currency pair chart saw a surge of up to 100 pips after the NFP data was published with Friday's daily gain reaching around 130 pips.

After the surge broke through the 1.07000 resistance zone, the latest high was recorded at around 1.07400 before the price slowly closed the last session of the week trading around that.

With the surge momentum taking place, the price is expected to continue rising higher this week with a target to reach the 1.08000 level.

The price will record the latest 10-week high if the increase continues with the target moving to the 1.09300 zone.

However, if the price dives back below the 1.07000 zone, there will be a warning for a possible price drop.

A lower price drop could reach back to around 1.06000 before the continued bearish movement will lead to the 1.05000 focus support.