FXStreet (Edinburgh) – The single currency is now losing more than 1% vs. the greenback, taking EUR/USD to trade back to sub-1.1100 levels.
EUR/USD much weaker on US data
The pair is rapidly shedding further ground following the very positive releases in the US labour market, where May’s Payrolls surprised markets to the upside showing the economy added 280K jobs, up from April’s 221K.
The bid tone is quickly building up around the greenback, as market participants started to gauge today’s results with the likeliness of a Fed’s rate hike later in the year.
EUR/USD levels to watch
The pair is retreating 1.24% at 1.1098 and a break below 1.1075 (low Jun.5) would target 1.1062 (low May 20) and then 1.0918 (low Jun.2). On the flip side, a breakout of 1.1383 (high May 13) would open the door to 1.1400 (psychological level) and finally 1.1450 (high May 18).
(Market News Provided by FXstreet)