EURUSD rises notably after US payrolls

Peter Bukov Axiory Global Ltd.

The EURUSD pair was up 0.3%, trading at around 1.2170 on late Friday as the USD resumed its decline after not-so-good US data.

Some hours ago, the BLS reported that in April just 559,000 jobs were added in the US, which while a big improvement to April's upward revised 278,000, was a big miss compared to the 675,000 expectations.

The offset to the NFP miss was that the unemployment rate dropped from 6.1% to 5.8%, coming below expectations of 5.9%, and reversing last month's modest increase.

The numbers were pretty good, but traders were disappointed as yesterday's ADP employment report came out above expectations. Thus, the dollar got dumped, precious metals, stocks and bonds soared (yields crashed).

t looks like the uptrend in the pair is about to resume as most of yesterday's losses are already erased.

The resistance could be found at 1.2170, and if the euro jumps above it, further gains toward the current cycle highs of 1.2250 could occur.

Alternatively, the support is most likely near 1.2130 and afterward at today's lows at 1.2100.

Author

Peter Bukov

Axiory Global Ltd.

Peter Bukov is one of Axiory’s leading analysts. He has a master’s degree in Corporate Finance and is highly sought after as a teacher of Forex trading at various universities in Slovakia.

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