Nonfarm Payrolls Down 151K In Jan, Unemployment Rate Down 4.9%, Sell USD On Rebound !

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The U.S Nonfarm payroll fell 151K, from 262K in the previous month, the indicator was expected to fall to 190K in the last month….

On the other hand, Unemployment Rate fell 4.9%, from 5.0% in the previous month, below the forecast of 5.0% in the last month…

Market impact:

This development should bring mixed moves, Nonfarm payrolls data are negative while Unemployment Rate data are positive, so selling the U.S dollar on the rebound is recommended…

EURUSD: As long as 1.1221/1.1243 resistance holds on an hourly closing basis, the EURUSD remains in a pullback mode and further down couldn’t be ruled out, but downside below the 1.1221 should be contained well by the 1.1132 levels, below 1.1132 will extend the pullback towards the 1.1069 levels before the next rise, however; below 1.1069 should weaken the recent rise and pave the way towards the 1.1000/1.0940 levels….

On the upside, above 1.1221/1.1243 on an hourly closing basis will restore the upside momentum and open the 1.1300 levels, further upside, resistance comes at the 1.1350 levels…

Conclusion: The EURUSD continues to face upside threats above the 1.1069/1.1132 levels even in the case of a pullback……..

 

Nonfarm payrolls- EURUSD

GBPUSD: Short term outlook in GBPUSD remains on the downside as long as 1.4586 resistance holds on an hourly closing basis, support comes at the 1.4450 levels. At this point, I’d expect strong support from the 1.4450 levels to contain fall from the 1.4667 levels and bring rebound, however; below 1.4450 on an hourly closing basis will extend fall towards the 1.4361 levels and possibly lower towards the 1.4244 levels…

On the upside, above 1.4586 levels will restore the upside momentum and open the 4667 levels, further upside, resistance comes at the 1.4730 levels.(Minor resistance 1.4508)…

Nonfarm payrolls- GBPUSD

I’m gonna update this post later, stay tuned!!

 

MARKET DATA

UPCOMING ECONOMIC EVENTS