FXstreet.com (Barcelona) - After digesting the quite disappointing US nonfarm payrolls report and higher unemployment rate, the EUR/USD is retracing most of the daily gains, capped at 1.3675 high, and on its way back to 1.3600 area.

NFP came in at 157K in January, against 160K consensus, and relative to 155K previously. The Unemployment Rate (January) was reported at 7.9%, against estimates calling for 7.8%.The US manufacturing PMI rose from 54.0 to 55.8 in January. ISM manufacturing PMI is due at 15:00 GMT, expected to move slightly higher, to 50.7.

"I should note that the third wave is weak and will not probably be able to grow up any higher. However, I think that the fifth wave may be started only after a serious correction towards the level of 1.3080", wrote Roboforex.com analyst Igor Sayadov.