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EUR/USD accelerates the upside past the 1.2100 mark

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EUR/USD accelerates the upside past the 1.2100 markThe buying interest around the single currency remains well and sound at the end of the week and pushes EUR/USD back above the 1.2100 hurdles in the wake of US NFP. EUR/USD keeps a positive stance on Friday after the US economy created 266K jobs during April, coming in (very) short of expectations of nearly 980K jobs. The March reading was revised to 770K (from 916K). Further data showed the jobless rate also surprised to the downside after rising to 6.1% (from 6.0%) and the critical Average Hourly Earnings – a proxy for inflation via wages – rose 0.7% MoM and expanded 0.3% over the last twelve months. Another key gauge, the Participation Rate, improved a tad to 61.7% (from 61.5%).

EURUSD quickly moved above the 1.2100 hurdles in response to the sharp pullback in the dollar along with US yields, with the 10-year note hovering around the 1.50% level. So far, the spot is gaining 0.53% at 1.2128 and faces the next up barrier at 1.2150 (monthly high Apr.29) followed by 1.2243 (monthly high Feb.25) and finally 1.2349 (2021 high Jan.6). On the other hand, a breach of 1.1985 (monthly low May 5) would target 1.1944 (200-day SMA) en route to 1.1887 (61.8% Fibo of the November-January rally).

 

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