The US dollar experiences a widespread decline following the release of the official US jobs report, with the EURUSD exchange rate reaching 1.09677.

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• The US dollar weakens across the board after the US official jobs report.

The pair currently trades last at 1.09677.

The previous day high was 1.0901 while the previous day low was 1.0834. The daily 38.2% Fib levels comes at 1.0875, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0859, expected to provide support.

The EUR/USD pair gained momentum amid a weaker US Dollar following the release of US employment data. After breaking above 1.0930, the Euro accelerated and climbed to the 1.0960 area, reaching the highest level in a week.

Nonfarm Payrolls (NFP) in the US rose by 209,000 in June, below the market expectation of 225,000. May’s increase of 339,000 was revised lower to 306,000. The unemployment rate edged lower to 3.6%. Despite the miss in job creation, the numbers continue to show a strong labor market.

Market continues to see a rate hike at the next FOMC meeting but expectations of a second hike before year-end have eased. Such repricing has kept US yields limited and, as a result, the US Dollar is falling by 0.75%, having the worst day in a week. US stocks are trading mixed, while commodity prices are up.

The EUR/USD is hovering above 1.0960, at the highest since June 27, with bullish momentum intact. It is holding onto weekly gains, above the 20-week Simple Moving Average. If the pair holds above 1.0960, attention would turn to the 1.1000 area and then the June high at 1.1012. On the contrary, a decline under 1.0930 would weaken the short-term outlook for the Euro.

No key reports are due from the Eurozone next week. The most relevant economic numbers will come from the US with the Consumer Price Index (CPI) on Wednesday and the Producer Price Index (PPI) on Thursday. Inflation figures will be crucial ahead of the July 25-26 FOMC meeting.

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0963 at the time of writing. Pair opened at 1.0888 and is trading with a change of 0.69 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.0889, 50 SMA 1.086, 100 SMA @ 1.0826 and 200 SMA @ 1.0615.

The previous day high was 1.0901 while the previous day low was 1.0834. The daily 38.2% Fib levels comes at 1.0875, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0859, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0847, 1.0807, 1.078
• Pivot resistance is noted at 1.0914, 1.0941, 1.0981

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