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EUR/USD has risen above Thursday’s daily highs is trading at 1.1572, gaining 0.17% during the New York session. Earlier in the American session, it reached a daily high at 1.1586, but as most G8 currencies, retreated the move.
Despite an awful US employment report, the market seems aware that nothing will stop the Federal Reserve from kicking in the bond tapering process in the FOMC November meeting.
The market sentiment is downbeat with US equity markets falling, US T-bond yields rising, and the US dollar clings to 94.00, losing 0.11% against a basket of six peers, capping the EUR/USD move towards 1.1600.
EUR/USD is trading well below the daily moving averages (DMA’s), suggesting that the downtrend is intact. Failure to reclaim the 1.1600 level keeps the EUR/USD downward pressured.
