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EUR/USD forex signal - Price at resistance - 12 Mar 2018

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Last Friday's payrolls data that was released for the month of February showed that the U.S. economy had added 313k jobs during the month. This beat market expectations of 205k jobs and also the previous month's jobs report was revised higher.

The February payrolls report was solid although the unemployment rate was seen holding steady at 4.1% while economists had forecasted that the unemployment rate would fall to a new low of 4.0%. The unemployment rate had remained steady due to the fact that more number of workers entered the labor market.

This pushed the participation rate higher from 62.7% to 63%, thus keeping the unemployment rate unchanged at 4.1%. The increased labor force participation rate showed that there was still a significant amount of slack in the labor market.

Wage growth was seen staying steady as a result and increased only 0.1%. This was below estimates of a 0.2% increase. On a yearly basis, the average earnings were seen rising at a slower pace of 2.6% compared to January's increase of 2.8%.

While the equity markets reacted strongly to the better than expected report, the U.S. dollar was seen weakening into Friday's close.

Based on the above, the forex signal of the day is EURUSD. The currency pair was seen consolidating below the support/resistance level seen around the 1.2365 – 1.2333 level. In the short term, we expect EURUSD to revisit this level.

We are looking to go short on EURUSD at 1.2335 level targeting the previous lows at 1.2180 while having stops placed at 1.2400. The short term retracement to the resistance level will potentially see EURUSD reversing gains to close lower on the day.

forex signal eurusd 12 mar 2018

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion. All risks and coasts associated with online trading are your responsibility.