Forex - EUR/USD up as Asian markets re-open

Forex Pros – The euro was up against the U.S. dollar on Monday, on Asian buying as most regional markets re-opened after lunar new year holidays and amid bargain hunting following Friday's losses.

EUR/USD hit 1.3626 during late Asian trade, the daily high; the pair subsequently consolidated at 1.3614, gaining 0.25%.

The pair was likely to find support at 1.3448, the low of January 21 and resistance at 1.3824, last Thursday's high.

Data on Friday showed that the U.S. economy added significantly fewer than expected jobs in January, but the unemployment rate posted an unexpected drop.

The Department of Labor said that 36,000 jobs were added, far less than the 150,000 forecast and the smallest gain in four months. However, the unemployment rate unexpectedly fell to 9.0% from 9.4%.

Meanwhile, the euro was slightly lower against the pound, with EUR/GBP dipping 0.06% to hit 0.8425.

Later in the day, Germany was to release official data on factory orders, while the U.S. was to release a government report on consumer credit. Also Monday, European Central Bank President Jean-Claude Trichet was to appear before the European Parliament Committee.

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