EUR/USD fell sharply from fresh 3 ½-month highs on the back of the latest US nonfarm payrolls report, but found support ahead of the 1.1100 level.
EUR/USD initially moved to the upside and peaked at 1.1245, but quickly lost steam and came under pressure as the dollar was lifted across the board by the employment report. Even though US economy added fewer jobs than expected in January, 151,000 vs 190,000 expected, wages rose and the unemployment rate fell below 5% to an 8-year low of 4.9%.
EUR/USD bottomed out at 1.1108 and it has spent the last hours in a slim range as the dust settled. At time of writing, the pair is trading at 1.1135, still 0.63% below its opening price. At current levels, EUR/USD clings to a 2.82% weekly gain following the massive USD sell-off seen on Wednesday and Thursday.
EUR/USD levels to watch
As for technical levels, immediate supports could be found at 1.1055 (200-day SMA), 1.0967 (100-day SMA) and 1.0917(20-day SMA). On the flip side, resistances are seen at 1.1245 (Feb 5, post-NFP high), 1.1298/1.1300 (23.6% Fibo retracement of 1.3993-1.0462/psychological level), 1.1385 (Oct 20 high).
(Market News Provided by FXstreet)
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