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03.12.202118:05 Forex Analysis & Reviews: EUR/USD post NFP analysis on December 3, 2021

Exchange Rates 03.12.2021 analysis

EUR/USD jumped to a daily high of 1.1333 with the initial market reaction to the disappointing November Nonfarm Payrolls data but quickly returned below 1.1300. Rising US Treasury bond yields seem to be helping the dollar stay resilient against its major rivals.

The Relative Strength Index (RSI) indicator on the four-hour chart retreated below 50, suggesting that sellers look to retain control of EUR/USD.

At the time of the release, the pair was testing 1.1290 (Fibonacci 23.6% retracement of November downtrend). The 50-period SMA aligns as the next support at 1.1280 and additional losses could be witnessed toward 1.1235 (Tuesday low) in case this level turns into resistance.

The bearish pressure could weaken if bulls reclaim 1.1320 (100-period SMA, 20-perios SMA). 1.1350/60 area (static level, Fibonacci 38.2% retracement) could be seen as the next resistance.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Jan Novotny,
Analytical expert of InstaForex
© 2007-2022
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