EUR/USD traders disappointed by non-farms figures
Traders had hoped that Friday’s non-farm payroll figures might offer a reason for the weakness in EUR/USD to abate. A small bounce of 60 pips was seen over the course of the day, but hardly enough to give any real optimism that sentiment has changed. A template has been set for some time and markets will be expecting a change only driven by US economic data, rather than anything out of the eurozone. With very little economic data out today, Tuesday comes into focus with service PMI figures for almost all the major economic regions.
Following the move on Friday, EUR/USD is now no longer oversold but still at the bottom of the range and looking far from resilient. Previous moves below $1.34 have enticed traders, but a lack of economic reasons to support this stance may well see this level give way on any fresh challenges.