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EUR/USD pushes against 1.2500

FXStreet (Córdoba) - EUR/USD extended its selloff to the 1.2500 level, hitting its lowest level since September 2012 before recovering slightly.

EUR/USD however, has failed to break below the 1.2500 psychological level and is taking a breather after losing over 100 pips on the back of a strong US nonfarm payrolls report. At time of writing, EUR/USD is trading at 1.2510, recording a 1.25% loss on the day.

US economy created 248,000 in September versus an upwardly revised gain of 180,000 in August and beating expectations of 215,000. Meanwhile, the unemployment rate unexpectedly dropped to 5.9%, hitting its lowest level since July 2008.

1.2500 key level

"If we don't take out 1.2500 soon and trigger the barriers, the market-makers who have sold heavily at the lows to try and trigger the strikes will begin to cover", said Jamie Coleman, editor at FXBeat. "1.2550 is first resistance, followed by 1.2570".

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