EUR/USD Current price: 1.0980
The US employment report is out, and despite the upbeat headline, the greenback is lower across the board. The American economy managed to add 211K new jobs in April, beating expectations of 185K, but March reading suffered a downward revision to 79K. The unemployment rate ticked even lower, improving to 4.4% from previous 4.5% and against the 4.6% expected. Wage growth again contracted to 2.5% yearly basis from previous 2.7%, while monthly basis it matched expectations at 0.3%.
The EUR/USD pair trades near its yearly high set earlier today after the report, as the numbers may be good, but not even close to be a game changer for the Fed. Technically bullish, the 4 hour chart shows that the 20 SMA advanced further below the current level, now converging with the 61.8% retracement of the post-US election decline, at 1.0930, as technical indicators regained the upside within positive territory. The market needs to fully digest the news, yet the pair seems now poised to test, and even attempt to break above the 1.1000 threshold ahead of Wall Street's opening.
Support levels: 1.0940 1.0890 1.0850
Resistance levels: 1.1000 1.1045 1.1080
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