5th December 2011
The EUR/USD exchange rate has lost momentum in trading this afternoon (December 2nd) following the publication of strong jobs data from the US.
A report on US non-farm payrolls was published today and showed growth in line with expectations of an extra 120,000 positions during November, causing the greenback to stabilise, FX Street reports.
As a result, EUR/USD held at 1.3460, falling below 1.3500 and heading towards daily lows, with bearish pressure mounting among investors.
"The hourly chart shows price approaching the base of the short-term triangle, while price test 20 SMA and indicators turn south still above their midlines," said Valeria Bednarik, chief analyst at FXstreet.com.
In yesterday's forex trading the euro held steady after a significant rally on Tuesday.
The upturn was sparked by the announcement that US central banks plan to provide funding to stem the erosion in confidence over the ongoing financial issues in the eurozone.
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