EUR/USD unchanged around 1.1300 post-Payrolls

EUR/USD advances to the 1.1330 region on Friday, drops afterwards.
US Nonfarm Payrolls missed estimates at 210K in November.
The US jobless rate ticked lower to 4.2%, more than expected.

Pablo Piovano FXStreet

The single currency keeps the volatile mood unchanged and now prompts EUR/USD to return to the 1.1300 neighbourhood after hitting tops past 1.1330 in the wake of the US Nonfarm Payrolls.

EUR/USD stays capped by 1.1382

The absence of a clear direction in the price action around EUR/USD stays well and sound at the end of the week.

In fact, EUR/USD rapidly climbed to highs in the 1.1330 region after the US Nonfarm Payrolls came in short of forecasts in November. Indeed, the US economy added 210K jobs during last month (vs. expectations of a 550K gain), although the unemployment rate surprise to the upside after dropping to 4.2%.

Additional data saw the Average Hourly Earnings – a proxy for wage inflation – rising 0.3% MoM and 4.8% from a year earlier. The Participation Rate rose a tad to 61.8%.

Next in the US docket comes the ISM Non-Manufacturing, Markit’s final Services PMI and Factory Orders.

EUR/USD levels to watch

So far, spot is gaining 0.10% at 1.1310 and faces the next up barrier at 1.1382 (weekly high November 30) followed by 1.1464 (weekly high Nov.15) and finally 1.1519 (55-day SMA). On the other hand, a break below 1.1186 (2021 low Nov.24) would target 1.1185 (monthly low Jul.1 2020) en route to 1.1168 (low Jun.19 2020).

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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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