Following the latest data from US job market, dollar lost against its European counterpart and the EUR/USD currency pair hiked shortly above $1.10 }halted at this level, second resistance mentioned in previous article). Still under the pressure of rate-hike speculation, stopped for a short term, we expect dollar to continue in strengthening against the euro from the long-term perspective.
The US non-farm payrolls figure came out at 126,000, below market estimates of 245,000 and lower than last month's revised 264,000. The unemployment rate stayed at 5.5%, while average hourly earnings rose 0.3% on a monthly basis and rose 2.1% on a yearly basis.
Fundamental point of view: Next week will be full of less important data, mostly from the manufacturing industry, not expected to drive euro or dollar, so the overall trend will be led by interest rates and quantitative easing issue.
As for technicals:
Major TP is still kept at $1.0491, with previous support at $1.0729.
As for bullish short-term bullish pressure, if the EUR/USD is about to spike markedly above $1.10, we prefer TPs prices to be put on $1.1169.
