EUR/USD surrenders some gains post-NFP, back to 1.1440

EUR/USD eases some ground following fresh tops past 1.1480.
US Non-farm Payrolls rose by just 467K jobs in January.
The unemployment rate ticked higher to 4.0%.

Pablo Piovano FXStreet

The buying interest around the single currency remains well and sound at the end of the week and pushes EUR/USD back to the mid-1.1400s in the wake of US NFP.

EUR/USD retreats from YTD tops

EUR/USD keeps the positive stance on Friday after the US economy created 467K jobs during January, bettering expectations for a gain of 150K jobs. The December's reading was revised to 510K (from 199K).

Further data showed the jobless rate rose to 4.0% and the critical Average Hourly Earnings – a proxy for inflation via wages – rose 0.7% MoM and expanded 5.7% over the last twelve months. Another key gauge, the Participation Rate, improved to 62.2%.

EUR/USD levels to watch

So far, spot is gaining 0.05% at 1.1440 and faces the next up barrier at 1.1483 (2022 high Feb.4) followed by 1.1500 (200-week SMA) and finally 1.1676 (200-day SMA). On the other hand, a break below 1.1308 (55-day SMA) would target 1.1121 (2022 low Jan.28) en route to 1.1100 (round level).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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