EUR/USD weaker, challenges 1.1900 post-NFP
- EUR/USD keeps the negative footing near the 1.19 mark.
- US Non-farm Payrolls rose by just 379K jobs in February.
- The unemployment rate eased to 6.2%.
The selling interest around the single currency remains well and sound at the end of the week and drag EUR/USD back to the vicinity of the 1.19 hurdle in the wake of US NFP.
EUR/USD approaches 1.1900
EUR/USD keeps the negative stance on Friday after the US economy created 379K jobs during February, crushing estimates for a 182k gain.. The January reading was revised to 166K (from 49K).
Further data showed the jobless rate ticked lower to 6.2% (from 6.3%) and the critical Average Hourly Earnings – a proxy for inflation via wages – rose 0.2% MoM and expanded 5.3% over the last twelve months. Another key gauge, the Participation Rate, matched the previous reading at 61.4%.
Other than Payrolls, the final trade deficit came in at $68.20 billion for the month of January.
EUR/USD levels to watch
At the moment, the index is retreating 0.53% at 1.1900 and faces the next support at 1.1887 (61.8% Fibo of the November-January rally) followed by 1.1808 (200-day SMA) and finally 1.1762 (78.6% Fibo of the November-January rally). On the flip side, a break above 1.2027 (100-day SMA) would target 1.2129 (50-say SMA) en route to 1.2243 (monthly high Feb.25).
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.
