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EUR/USD drops to lowest level in 2 years - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes that following the release of the better-than-expected US nonfarm payrolls report EUR/USD dropped as low as 1.2517, a level last seen in September 2012.

Key quotes

"US NFP data surprised to the upside, with 248K new jobs added in September, unemployment rate down to 5.9%, lowest since 2008, and an upward revision from previous month reading to 180K."

"The bearish momentum seems to be just picking up, despite the 1 hour chart showing indicators still heading south in extreme oversold levels."

"Pullbacks should now found sellers in the 1.2570 former year low, with a break below 1.2500 favoring a downward continuation towards 1.2440/60 price zone in the short term, yet eyeing next strong static support at 1.2370 price zone."

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