EUR/USD looks offered near 1.0710 post-Payrolls

• EUR/USD loses some ground and tests 1.0710 on Friday.
• US Non-farm Payrolls rose by 390K jobs in May.
• The unemployment stayed unchanged at 3.6%.

EUR/USD loses the grip further and revisits the low-1.0700s in the wake of the May’s Nonfarm Payrolls at the end of the week.

EUR/USD keeps targeting the 1.0800 area

EUR/USD corrects lower and gives aways some gains following Thursday’s strong advance after the US economy created 390K jobs during May, bettering expectations for a gain of 325K jobs. The April’s reading was revised to 436K (from 428K).

Further data showed the jobless rate stayed put at 3.6% and the critical Average Hourly Earnings – a proxy for inflation via wages – rose 0.3% MoM and expanded 5.2% over the last twelve months. Another key gauge, the Participation Rate, improved a tad to 62.3%.

Later in the session, the final Services PMI is due seconded by the Non-Manufacturing PMI.

EUR/USD levels to watch

So far, spot is losing 0.27% at 1.0715 and a breach of 1.0627 (weekly low June 1) would target 1.0532 (low May 20) en route to 1.0459 (low May 18). On the upside, the immediate up barrier lines up at 1.0786 (monthly high May 30) seconded by 1.0936 (weekly high April 21) and finally 1.0959 (100-day SMA).