EUR/USD retreats from highs after NFP

EUR/USD fell to fresh daily lows as the dollar received a mild boost following the eagerly awaited release of US nonfarm payrolls report. 

The report showed US economy created 161,000 new jobs in October, below the 175,000 expected, but September and August’s reading were upwardly revised by a combined 44,000 jobs. The jobless rate fell to 4.9%, as expected. Average hourly earnings for private-sector workers rose 2.8% YoY in October, the strongest annual wage growth since June 2009.  

EUR/USD pulled back from the 1.1115 area to hit a low of 1.1079. However, the move lacked momentum as focus now turns to US presidential elections next week. EUR/USD was last trading around 1.1090, 0.16% below its opening price. 

EUR/USD levels to watch

In terms of technical levels, next resistances are seen at 1.1131 (100-day SMA), 1.1179  (200-day SMA) and 1.1200 (psychological level). On the flip side, supports could be found at 1.0990 (10-day SMA), 1.0959 (Nov 1 low) and 1.0873 (Oct 26 low).