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EUR/USD breaks above 1.1300

FXStreet (Edinburgh) - The single currency is now intensifying its upside momentum vs. the dollar post-NFP, lifting EUR/USD beyond 1.1300 the figure.

EUR/USD stronger above 1.1300

The pair has abruptly broken above the consolidative pattern in the mid-1.1100s following the miserable print from US Payrolls, where the US economy has created 142K jobs during September, missing previous estimates at 203K and a tad better that August’s 136K (revised from 173K).

Adding to the grim string of data, Average Hourly Earnings came in flat on a monthly basis vs. forecasts for a 0.2% gain, while it has expanded 2.2% over the last twelve months.

Next on tap in the US calendar will be Factory Orders (0.3% exp. in August) and by the speech by Fed’s S.Fischer.

EUR/USD levels to watch

As of writing the pair is advancing 0.95% at 1.1301 and a breakout of 1.1330 (high Sep.21) would expose 1.1373 (high Sep.14) and finally 1.1441 (high Sep.17). On the flip side, the immediate support lines up at 1.1150 (low Oct.2) ahead of 1.1135 (low Oct.1) and then 1.1105 (low Sep.22).

US unemployment stable but uniformly dreadful NFP results - ING

Rob Carnell, Research Analyst at ING, suggests that a uniformly dreadful September US labour report effectively buries any hopes for an October rate hike from the Fed, with the headline payrolls rising by only 142K, and the August data being revised lower (not higher as has been in every August release since 1999) to 136K from an initial 173K.
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