EUR/USD drops to daily lows post-Payrolls, around 1.1070

  • EUR/USD moves lower and tests daily lows.
  • US Non-farm Payrolls came in at 266K in November.
  • The unemployment rate came in at 3.5%.

The selling interest around the single currency is now picking up pace and is forcing EUR/USD to drop to session lows around 1.1070.

EUR/USD offered on Payrolls

The pair gives away further ground on Friday after the US economy created 266K jobs during last November, surpassing expectations at 183K and up from October's 156K (revised from 128K).

Further data showed the jobless rate ticked lower to 3.5% and the critical Average Hourly Earnings – a proxy for inflation via wages – expanded 0.2% MoM and 3.1% over the last twelve months.

EUR/USD levels to watch

At the moment, the pair is losing 0.25% at 1.1076 and faces the next hurdle at 1.1116 (monthly high Dec.4) seconded by 1.1157 (200-day SMA) and finally 1.1179 (monthly high Oct.21). On the other hand, a breakdown of 1.1066 (100-day SMA) would target 1.1041 (55-day SMA) en route to 1.0989 (monthly low Nov.14).

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