Euro Down As U.S Jobs Report Boosted The Dollar
Capitol Academy | Dec 08, 2014 02:46AM ET
The U.S. dollar advanced against its major rivals and the euro pushing EUR/USD pair below $1.2300-mark following strong better-than-expected Non-farm payrolls data. Employment report showed an increase of 321000 new jobs created versus 230000 supporting a Federal Reserve action to hike interest rates anytime soon starting 2015.
As we have expected in our previous daily analysis, EUR/USD prices dipped below $1.2300 heading toward the bearish flag potential target around $1.2170. The main outlook of the pair remains bearish because continuing strong U.S. economy is sustaining an imminent interest hike by the Fed while low inflation in eurozone will push the ECB to adopt new monetary easing measures. Any rally of the prices will provide a good opportunity to short the pair.
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