FXstreet.com (Barcelona) - After rejecting at intra-day high at 1.5090 and falls to 1.5055 in the early European morning, the EUR/USD has slightly risen in the last hour to test MA55 hourly level at 1.5080 with all the eyes focusing on today's employment report. Currently the pair is trading around 1.5065/75, 0.10% above today's opening price action at 1.5050.
The Bureau of Labor Statistics of the US Department of Labor will release today at 13:30 GMT the US national employment report, with NFP and Unemployment data. Market sees a nfp better reading of -111K in November from -190k in October, But unemployment rate unchanged at 10.2% in November.
Seems that the ADP private sector job losses at -169k, the lowest since August 2008 and the 4-week average initial jobless claims at its 1 year low level below 500k could fueled the expectations of better reading in November than October.
The ecPulse.com analysis team comments: After the euro declined from its high levels yesterday, the dollar failed in holding strong gains; focusing on what Trichet said investors are starting to expect the ECB to be among the first from the G7 nations to start reversing their monetary easing after they started with gradual announced steps yesterday. The euro resumed the bullish wave versus greenback today rising from its lowest at 1.5036 to set the highest at 1.5090 and now is trading around 1.5064. The pair is trading above the critical support at 1.5035 and the consolidation might drive the pair higher to breach a very important resistance over short-term basis at 1.5135; we see that today's trading is very critical as any violent move might alter the direction and that depends on breaching any on the mentioned levels.
George Clement, analyst at Swiss e Trade, comments that market is focused by today's unemployment report, but he sharing us with his technical scoop: The pair, leaving its consolidation zone at higher levels, seems to be ready to start another attack on the resistance lines 1.5140/1.5200. Currently trading at 1.5062 in early European market hours, we expect more upward momentum to emerge today, first to the 1.5140 mark or above, but below 1.5200.