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EUR/USD unfazed around 1.0840 post-NFP

  • EUR/USD keeps the familiar range near 1.0840 post-NFP.
  • US Non-farm Payrolls came in at -20,500K jobs in April.
  • The unemployment rate climbed to 14.7% from 4.4%.

EUR/USD keeps the rangebound theme unaltered around the 1.0840 following the publication of US Non-farm Payrolls.

EUR/USD ignores Payrolls, remains side-lined

EUR/USD keeps the neutral stance unchanged at the end of the week after the US economy lost 20.5M jobs during last month, a tad above expectations for a drop of 22M jobs and down from the March’s drop of 870K (revised from 701K).

Further data showed the jobless rate climbed to 14.7% from 4.4% (vs. 16.0% forecasted) and the critical Average Hourly Earnings – a proxy for inflation via wages – expanded 4.7% MoM and 7.9% over the last twelve months, both prints surprising to the upside.

What to look for around EUR

The euro appears to have met some decent contention in sub-1.0800 levels so far this week, in a context of poor results from fundamentals in the region and a broad-based consolidation theme before US Payrolls were published. In the meantime, the attention in the Old Continent stays on the re-opening of some economies and the somewhat renewed optimism on the back of shrinking infected cases and deaths by the COVID-19, particularly in Spain and Italy.

EUR/USD levels to watch

At the moment, the pair is gaining 0.01% at 1.0831 and a breakout of 1.0950 (55-day SMA) would target 1.1019 (weekly/monthly high May 1) en route to 1.1027 (200-day SMA). On the other hand, the next down barrier emerges at 1.0766 (weekly low May 7) seconded by 1.0727 (monthly low Apr.24) and finally 1.0635 (2020 low Mar.23).

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