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    EUR/USD slumps below 1.075 after NFP

    © Dukascopy Bank SA
    "We do have to lower our target for the euro, perhaps $1.04 and $1.05 on the assumption that the Fed does deliver that rate hike in December and that the ECB delivers expanded quantitative easing."
    - Westpac Banking Corp. (based on Bloomberg)

    Pair's Outlook
    Daily decline of the Euro against the US Dollar amounted to 150 pips on Friday, following encouraging employment report from the world's biggest economy. May and July lows failed to contain losses and EUR/USD ended the week at 1.0736. Considering lack of fundamental drivers in the next few days, we will expect some rebound to take place in the near term. At the same time, monthly S1 at 1.0768 will be the first to try limiting any possible rally. Meantime, bears are now setting eyes on monthly S2/Apr low at 1.0533/19.

    Traders' Sentiment
    Bulls are holding the majority of open positions in the SWFX market, namely 52% of them, while commands to buy the Euro in 100-pip range from the spot decreased slightly from 45% to 44%.

    © Dukascopy Bank SA

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