Forex Market EUR/USD Prediction For December 5, 2016

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The EUR/USD edged higher hitting a fresh 1-week high as the U.S. employment report was not as strong as many expected. U.S. yields edged lower taking some of the steam out of the greenback. Support on the currency pair is seen near the 10-day moving average at 1.0614. Resistance is seen near the October lows at 1.0850. Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal.

Non-farm payrolls increased by 179K for November, meeting expectations, as the unemployment rate dropped to a new cycle low of 4.6%. The October non-farm payroll print was revised lower by 19K to 142K, while September was increased to 208K for a net decline over the past two months by -2K.

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