FXStreet (Edinburgh) – The bid tone is now picking up pace around the European currency, lifting EUR/USD to the upper end of the daily range.
EUR/USD higher following Payrolls
Spot is now rapidly intensifying its correction higher after the US economy created 223K jobs during June, missing expectations at 230K and down from May’s 254K (revised from 280K). Further data showed the unemployment rate slipped to 5.3% vs. 5.5% forecasted, while Initial Claims ticked higher to 281K in the week ended on June 26 and Average Hourly Earnings came in flat on a monthly basis.
Next on tap will be Factory Orders, expected to have contracted at a monthly pace of 0.5% during May.
EUR/USD levels to consider
The pair is now advancing 0.36% at 1.1102 with the next resistance at 1.1171 (high Jul.1) followed by 1.1234 (high Jun.24) and finally 1.1244 (high Jun.30). On the downside, a breach of 1.1032 (low Jul.2) would target 1.1000 (psychological level) en route to 1.0955 (low Jun.29).
(Market News Provided by FXstreet)