- EUR/USD begins a deeper correction after July’s NFPs.
- US nonfarm payrolls increased by 528,000 jobs in July.
- The unemployment rate dropped to 3.5%.
The EUR/USD accelerated its decline to the 1.0170 area after the release of the US employment report for July.
EUR/USD weakens after strong US jobs report.
EUR/USD remains on the defensive on Friday after US non-farm payrolls showed the US economy added 528,000 jobs during the month of July, more than doubling the consensus of a 250,000 job gain. . June’s reading was revised higher to 398,000 (from 384,000).
Additional data showed the jobless rate improved to 3.5% and the median hourly wage – a proxy for inflation through wages – rose 0.5% month-on-month and 5.2% from the same month in 2021. , the participation rate fell slightly to 62.1%.
Technical levels
For now, the pair is down 0.71% at 1.0173 and faces next contention at 1.0096 (weekly low Jul 26), followed by 1.0000 (psychological level) and finally 0.9952 (low Jul 14). . On the other hand, breaking above 1.0293 (Monthly High Aug 2) would target 1.0404 (55-day SMA) on the way to 1.0615 (Weekly High Jun 27).
Source: Fx Street
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