0829 GMT [Dow Jones] The post-ECB rebound in the euro could have not been more emphatic says Saxo Bank's Chief FX watcher John J Hardy. EUR/USD saw a steep 1% recovery, EUR/GBP and EUR/AUD shorts were caught out by the false downside breaks, and even EUR/SEK and EUR/NOK posted full scale reversals after breaking below key support/swing levels Thursday. Hardy says the bullish reversal in EUR/USD suggests the path of least resistance is higher, likely toward 1.3750-1.38, unless there is a significant surprise in US payrolls, and/or a sharp drop in the unemployment rate. The DJN survey forecast for US May payrolls (1230 GMT) is +210K from +288 last with the unemployment rate ticking up to 6.4% from 6.3%. EUR/USD now at 1.3635. gary.stride@wsj.com
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(END) Dow Jones Newswires
June 06, 2014 04:29 ET (08:29 GMT)
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