EUR/USD Pair Declines as Non-Farm Payrolls Beat Expectations

6 Nis

After the Non-Farm report was released, the Euro experienced a slight decrease of 0.13% against the US Dollar, pushing the EUR/USD exchange rate down to 1.0800 after peaking at 1.0847 earlier in the day.

On Friday, the US Bureau of Labor Statistics (BLS) revealed that the economy had added more jobs than expected. Nonfarm payroll increased by 303K, surpassing both estimates and the previous figure of 270K. Other data indicated a decrease in the unemployment rate from 3.9% to 3.8%, alongside positive adjustments in average hourly earnings.

On the technical chart, the price dropped below the 1.0800, setting the stage for a decline in the EUR/USD pair. The Relative Strength Index (RSI) is trending lower, approaching below the 50 mark. Breaking the 1.0800 support level could further drive the price downwards towards the subsequent support levels at 1.0724 and 1.0700.