- EUR / USD rises to daily highs after bad NFP data.
- US nonfarm payrolls fell 140,000 jobs in December.
- The unemployment rate remained at 6.7%.
EUR / USD reacted to the poor US employment data with a rebound that initially went lower, touching 1.2234, and subsequently headed higher, rising 50 pips to a day high of 1.2284.
The US economy lost 140,000 jobs over the past month, disappointing expectations for a 71,000 job gain and down from +336,000 in November (revised from 245,000).
Other data showed that the unemployment rate was unchanged at 6.7% and critical average hourly earnings, a proxy for inflation through wages, expanded 0.8% month-on-month and 5.1% in the last twelve months, both figures exceeding expectations.
EUR / USD levels
At the moment, the pair is gaining 0.02% 1.2268. To the upside, a breakout of 1.2349 (January 6 high) would have to be seen to target 1.2413 (April 17, 2018 monthly high), en route to resistance 1.2476 (March 27, 2018 monthly high).
On the other hand, the euro faces immediate support at 1.2129 (weekly low on December 21), followed by 1.2058 (weekly low on December 9) and finally 1.2032 (23.6% Fibonacci of the 2017-2018 rally).
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