The common European currency set an intraday high a 1.2957 yesterday. At the beginning of the European trading session, the currency pair retraced back to 1.2930. This is the price level the currency pair is currently trading around while tyring to consolidate.
Yesterday's American trading session brought us another report from the US Department of Labor. The thing is that the amount vacancies in the US labor market s around. 4 670 000 units for the second consecutive month. At the same time, the API's weekly report on crude oil inventories growth showed a decline from -0.545 million barrels down to -1.900 million barrels.
Meanwhile, a couple of hours ago, France published its own labor stats. In particular, the French non-farm payrolls remained stable at 0,1%. The rate of employment remains stable if to exclude part-time jobs.
EURUSD Intraday Prospects
As usual, the trading members of Masterforex-V Academy help us define the near-term prospects of the most popular currency pair, which is EURUSD. They merge technical and fundamental analysis to find out the near-term prospects of the asset and to define the likely scenarios.
If to consider the situation seen in the H1 chart, there is a strong mid-term downtrend going on within the scope of a longer-term downtrend, which means that the overall bias is still bullish despite the recent attempt to recover. The bear market has been underway from 1.3159. This is te starting point for a 5-wave count. The pattern may be elongated if the price fails to break above 1.2949. At this point, the price has failed to accomplish this task despite consolidating above the 1.2858-1.2908 range.
In order to resume the suspended downtrend, the price needs to break below 1.2915 to consolidate below it. If this is the case, the next level of support to watch is 1.2872 along with the 1.2858 low.
Alternatively, the closest intraday levels of resistance are located at 1.2949 + 1.2988 + 1.3109 = the top of the descending MF sloping channel.
