EUR/USD at four-month lows after US Nonfarm Payrolls
The EURUSD pair was down for the third consecutive day on Friday, and it was trading half a percent weaker during the US session, last seen hovering at around 1.19.
Earlier in the day, the BLS (Bureau of Labor Statistics) reported that, as expected, the jobs picture improved dramatically in February. The US added a whopping 379,000 jobs, nearly double the 198,000 consensus estimate.
However, there was a catch: About 75% of the jobs added in February were waiters and bartenders (+286,000), meaning only low-wage and less skilled jobs were created.
The unemployment rate also improved, from 6.3% to 6.2%, also beating expectations of an unchanged print.
Nevertheless, it was enough to send the US yields sharply higher again, with the 10-year yield rising above 1.6%. Advancing yields are usually bullish for the USD, and the USDJPY pair is up nearly every day.
The EURUSD pair broke below the key support of 1.1950, and as long as it trades below that level, the short-term outlook seems bearish.
Another target for bears could be near 1.1780, and rallies are expected to be sold over the next few days.
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