EUR/USD jumps to highs post-Payrolls

The buying pressure is now gathering extra traction around the single currency, taking EUR/USD to fresh daily tops in the wake of US NFP.

EUR/USD weaker on upbeat US data

The pair reverted its leg lower after the US economy created 227K jobs during January, surpassing initial estimates at 175K and up from December’s 157K (revised from 156K).

In addition, the unemployment ticked higher to 4.8%, missing consensus and Average Hourly Earnings rose at a monthly 0.1% vs. 0.2% forecasted.

Looking ahead and with Payrolls out of the way, market participants will focus on December’s Factory Orders, Markit’s Services PMI for the month of January and the ISM Non-manufacturing. In addition, Chicago Fed Charles Evans (voter, dovish) is also due to speak.

EUR/USD levels to watch

The pair is now up 0.01% at 1.0760 and a break below 1.0683 (20-day sma) would target 1.0617 (low Jan.30) en route to 1.0597 (55-day sma). On the upside, the initial hurdle sits at 1.0789 (100-day sma) followed by 1.082 (high Feb.2) and then 1.0848 (low Oct.25 2016).