EUR/USD in fresh lows near 1.1680 on US payrolls

Pablo Piovano FXStreet

The selling interest is now resuming around the shared currency, sending EUR/USD to the area of daily lows near 1.1680.

EUR/USD offered after US data

Spot met fresh selling orders after the US economy lost -33K jobs during September vs. 90K initially forecasted, although much lower than August’s 169K (revised from 156K).

In addition, the US jobless rate dropped to 4.2%, bettering consensus, while critical average hourly earnings – a proxy for wage inflation – rose at a monthly 0.5%, surprising to the upside.

In the meantime, the pair remains under pressure amidst the recent regional headlines from Spain, USD-supportive Fedspeak and recent comments by ECB board members, showing some concerns over the rapid appreciation of the exchange rate.

EUR/USD levels to watch

At the moment, the pair is down 0.32% at 1.1673 and a break below 1.1662 (low Aug.17) would target 1.1595 (100-day sma). On the other hand, the next up barrier emerges at 1.1764 (10-day sma) followed by 1.1833 (55-day sma) and finally 1.1861 (21-day sma).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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