Euro in Free Fall Again While Dollar Rebounds on Strong NFP
Action Insight Mid-Day Report 3-4-22

Euro in Free Fall Again While Dollar Rebounds on Strong NFP

Dollar rises notably in early US session with help from strong headline non-farm payroll job growth, even though wages disappoint. But still, the overwhelming theme is Euro selloff on Russia invasion of Ukraine. The common currency is actually suffering a fresh round of heavy selling, just after NFP risk is cleared.

Technically, it shouldn't be over the top by now, saying that EUR/CHF could even break parity before weekly close, considering the downside momentum. EUR/JPY has also taken out an important long term fibonacci support level at 126.58. EUR/GBP has taken out long term support at 0.8276. Things are getting from bad to worse for Euro.

In Europe, at the time of writing, FTSE is down -2.81%. DAX is down -2.94%. CAC is down -3.24%. Germany 10-year yield is down -0.069 at -0.048. Earlier in Asia, Nikkei dropped -2.23%. Hong Kong HSI dropped -2.50%. China Shanghai SSE dropped -0.96%. Singapore Strait Times dropped -0.83%. Japan 10-year JGB yield dropped -0.0168 to 0.152.

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Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1026; (P) 1.1074; (R1) 1.1114; More...

EUR/USD's decline accelerates further to as low as 1.0888 and intraday bias remains on the downside. Current down trend should target 61.8% projection of 1.2265 to 1.1120 from 1.1494 at 1.0786 next. On the upside, above 1.1038 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another decline.

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EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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Economic Calendar
GMT Ccy Events Actual Forecast Previous Revised
23:30 JPY Unemployment Rate Jan 2.80% 2.70% 2.70%
07:00 EUR Germany Trade Balance (EUR) Jan 9.4B 7.5B 6.8B
07:45 EUR France Industrial Output M/M Jan 1.60% 0.40% -0.20% -0.10%
09:30 GBP Construction PMI Feb 59.1 57.4 56.3
10:00 EUR Eurozone Retail Sales M/M Jan 0.20% 1.50% -3.00% -2.70%
13:30 CAD Building Permits M/M Jan -8.80% 0.10% -1.90% -2.40%
13:30 CAD Labor Productivity Q/Q Q4 -0.50% -0.20% -1.50% -1.20%
13:30 USD Nonfarm Payrolls Feb 678K 438K 467K 481K
13:30 USD Unemployment Rate Feb 3.80% 3.90% 4.00%
13:30 USD Average Hourly Earnings M/M Feb 0.00% 0.60% 0.70% 0.60%
15:00 CAD Ivey PMI Feb 54.2 57.4