EUR/USD testing fresh tops on US payrolls, 1.17 closer
- NFP surprised to the downside at 261K in October.
- Spot jumped to fresh peaks in the wake of data.
- ISM non manufacturing and factory orders next on tap.
The upside pressure is now picking up extra pace around the shared currency, lifting EUR/USD to test fresh daily highs following US payrolls.
EUR/USD bid after US data
Spot met fresh buying orders after the US economy created 261K jobs during October vs. 312K initially forecasted, reverting at the same time September’s 18K (revised from -33K).
In addition, the US jobless rate ticked lower to 4.1%, bettering consensus, while critical average hourly earnings – a proxy for wage inflation – came in flat.
EUR/USD levels to watch
At the moment, the pair is up 0.14% at 1.1674 facing the next up barrier at 1.1682 (10-day sma) seconded by 1.1743 (21-day sma) and then 1.1837 (high Oct.26). On the flip side, a break below 1.1575 (low Oct.27) would target 1.1448 (high Jun.30) en route to 1.1268 (200-day sma). Furthermore, FXStreet’s Technical Confluences Indicator (TCI) is noting an important resistance zone between 1.1690 and 1.1703, where coincide the 10-day sma, recent highs and pivot point.