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EUR/USD dips below 1.2600 post-Payrolls

FXStreet (Edinburgh) - The common currency is now accelerating the sell-off beyond the 1.2600 key support on Friday, dragging EUR/USD to test fresh intraday troughs.

EUR/USD weaker after solid Payrolls

Stronger than expected Non farm Payrolls in the US economy are propelling spot to visit sub-1.2600 levels. The US economy added 248K jobs during September, surpassing forecasts for 215K and up from August’s 180K (revised from 142K). Further data showed that the jobless rate ticked lower to 5.9 %. Next of note will be the ISM Non manufacturing, expected at 58.5. Despite the stronger than expected recovery, the current movement is likely part of a broader consolidation range. Allow for another attempt to move above 1.2700 but as long as 1.2730 is intact, this could lead to a move back down towards 1.2645 (for further sideway trading)”, observed Quek Ser Leang, Market Strategist at UOB Group.

EUR/USD levels to watch

At the moment the pair is retreating 1.08% at 1.2529 with the immediate support at 1.2502 (76.4% of 1.2042-1.3995). On the upside, a breakout of 1.2699 (high Oct.2) would open the door to 1.2715 (high Sep.29) and finally 1.2718 (10-d MA).

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