EUR/USD made a violent U-turn and rallied from daily lows in the 1.0900 area to fresh 1-week highs above 1.1000 in the blink of an eye, as investors continue to digest the nonfarm payrolls report.
EUR/USD initially moved lower as the dollar strengthened on upbeat US employment figures but changed course and shoot higher to a peak of 1.1025 in a matter of minutes. At time of writing, EUR/USD is trading at 1.1010, now up 0.5% on the day.
Nonfarm payrolls report showed the US economy added 242,000 new jobs in February, beating expectations of 190,000. Meanwhile, the unemployment rate stood unchanged at 4.9% as expected.
EUR/USD levels to watch
As for technical levels, immediate resistances are seen at 1.1045 (200-day SMA), 1.1083 (20-day SMA) and 1.1100 (psychological level). On the other hand, supports could be found at 1.0902 (Mar 4 low), 1.0853 (Mar 3 low) and 1.0814 (Feb 1 low).
(Market News Provided by FXstreet)