FXstreet.com (Buenos Aires) - The EUR/USD is about to close the week above the 1.4400 level, strengthening in reaction to a weaker than expected Employment Change figure in the U.S. However, pair remains inside weekly range, having been unable to overcome 1.4483 weekly high. In general euro zone data this week has been quite negative, with a decrease in Retail sales in Germany and the euro zone, bad levels of production and unemployment rate at 10.0% capping the upside of the pair. Anyway, dollar ends the week in a weak tone as current unemployment readings makes less likely a rate hike anytime soon.
According to the FastBrokers Research Team: Technically speaking, the EUR/USD still faces multiple downtrend lines along with the psychological 1.45 level, 1/05, 12/23, and 12/18 highs. Hence, some challenging near-term topside technicals are in place due to the EUR/USD's downturn in December. As for the downside, the EUR/USD has technical cushions in the form of our 1st and 2nd tier uptrend lines along with intraday and 1/04 and 12/22 lows.