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Forex pairs in this Article » EUR/USD (Edinburgh) - The selling pressure around the single currency is gathering pace on Friday, dragging the EUR/USD to fresh intraday lows after the release of October’s NFP.

EUR/USD hurt by data

The pair is accelerating its downside after the US economy created 204K jobs during October, bettering market consensus at 125K and higher than September’s 163K (revised from 148K). The unemployment rate ticked higher to 7.3%, matching estimates and up from the previous print. According to Tim Riddell, Head of Global Markets Research at ANZ, “The apparent strength of rally off 1.3100 was abruptly undermined by the sharp fall below 1.3650. This effective failure in front of declining resistance around 1.4000 suggests that EUR/USD will revert to broader range-trading. The 1.3835 will now be seen as a redefined range resistance”.

EUR/USD levels to watch

As of writing the pair is now losing 0.45% at 1.3357 and a violation of 1.3295 (low 7 Nov.) would aim for 1.3294 (50% 1.2755-1.3833) and then 1.3254 (low Sep.13). On the upside, the immediate resistance lines up at 1.3548 (high Nov.6) ahead of 1.3589 (high Nov.1) and then 1.3591 (38.2% of 1.3833-1.3442).
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