The fluctuating and horizontal process had continued during the year on the EUR/USD parity on the global forex market. The opening level of EUR/USD parity was 1.0932 on the market, and reached 1.1456 on 24th April which was the highest level of the year. With the starting process of December, we could observe a strong negative trend on EUR/USD parity. The parity reached under the 1.06 level with the beginning of December.
The EUR / USD pair is having difficulty gripping over the 1.0650 resistance level. US Non-farm employment data was released at the level of 178,000 in November. The expectations were 180,000 people. At the same time, the October figure was revised down from 161 to 142. The decline in average hourly wages, which was announced at the same time as non-agricultural employment, cautioned. Hourly wages, which decreased from 2.8% to 2.5% on an annual basis, fell 3 cents compared to last month. Unemployment rate declined from 4.9% last month to 4.6%. It is hard to say that there was a very effective pricing after the disclosure of the data. In the market, the Fed's expectation for interest rate hikes at the December meeting is rather strong. This seems to have reduced the size of the impact of the employment data on the Fed's interest rate increase. This is reflected in a limited amount of prices.
Technically, the overall trend in the EUR / USD pair is horizontal. In order for the parity to gain speed in the upward direction, it is necessary to overcome the resistance level of 1.0650 in the first stage and to achieve long-term closures on this level. On the other hand, we see that sales are dominant when the parity approaches the resistance level. For this reason, it is anticipated that the horizontal course will continue as long as the component remains on the 1.0520 strong support level.
Finally, we can say the first 2017 expectations are a bit negative and horizontal on EUR/USD parity.
- Date: 16 December 2016 Fri 21:42
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