EUR/USD reverts the upside on Payrolls, near 1.0550

The European currency is now rapidly losing momentum vs. the greenback, dragging EUR/USD to the area of daily lows.

EUR/USD weaker post-NFP

Sellers of the pair have quickly stepped in despite the US economy created 156K jobs during last month, missing forecasts for a 178K gain and down from November’s 204K (revised from 178K).

Further data saw the unemployment rate at 4.7%, matching consensus, while Average Hourly Earnings rose at a monthly 0.4% during the same period, beating expectations.

EUR/USD levels to watch

The pair is now losing 0.35% at 1.0567 facing the next support at 1.0483 (20-day sma) followed by 1.0387 (low Jan.4) and finally 1.0350 (2016 low Dec.20). On the flip side, a breakout of 1.0619 (high Jan.6) would target 1.0654 (spike Dec.30) en route to 1.0677 (55-day sma).