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EUR/USD recovers further after Payrolls

FXStreet (Edinburgh) - The single currency is now intensifying the current rebound on Friday, lifting EUR/USD to test fresh highs around 1.2990.

EUR/USD higher after NFP

The buying mood around the EUR is rapidly picking up pace following August’s US Payrolls, where the US economy added just 142K jobs vs. 225K forecasted and up down from July’s 212K (revised). In the same front, the unemployment rate ticked lower to 6.1% from 6.2% previous. “We are currently forecasting EUR/USD at 1.3000 at the end of the year and 1.2700 by the middle of next year. Those levels are starting to look very conservative now and we will probably need to tweak these levels lower”, suggested analysts at BTMU.

EUR/USD relevant levels

The pair is now up 0.30% at 1.2982 with the next resistance at 1.3030 (high Sep.4) followed by 1.3110 (low Sep.2) and then 1.3154 (high Sep.4). On the flip side, a breakdown of 1.2920 (low Sep.4) would aim for 1.2788 (61.8% of 1.2042-1.3995) and finally 1.2755 (low Jul.9 2013).

United States Labor Force Participation Rate declined to 62.8% in August from previous 62.9%

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