- EUR/USD bearish tone remains intact below 1.1000.
- US nonfarm payrolls increased by 678,000 jobs in February.
- The unemployment rate ticked down to 3.8%.
The selling interest around the single currency remains nice and solid at the end of the week and drags the EUR/USD to the 1.0930 area on the back of US NFPs.
EUR/USD at new lows around 1.0930
EUR/USD remains negative on Friday after the US economy added 678,000 jobs during February, improving expectations for a 400,000 job gain. January’s reading was revised to 481,000 (from 467,000).
Other data showed the unemployment rate fell to 3.8% and critical median hourly earnings, a gauge of inflation through wages, were flat on a monthly basis and expanded 5.1% in the last twelve months. Another key indicator, the participation rate, improved to 62.3%.
Technical levels
So far the pair is losing 1.13% at 1.0940 and faces the next upside barrier at 1.1192 (10-day SMA), followed by 1.1309 (55-day SMA) and finally 1.1395 (weekly high Feb 16). On the other hand, a drop below 1.0924 (March 4, 2022 low) would target 1.0900 (round level) on the way to 1.0870 (May 25, 2020 low).
Source: Fx Street
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