Early expectations stood on a gain of around 150K jobs and a steady unemployment rate of 8.5%. So, this is a huge upside surprise, totally unexpected.

Here’s an update on technicals, fundamentals and what’s going on in the markets.

The US dollar has been under pressure since Bernanke’s recent softness. There is little chance that this trend will change. NFP Preview.

EUR/USD rose to the higher end of the 1.3420 – 1.3550 range upon the release, and was unable to break higher, at least for now. After failing to break higher, the pair is falling. Other “risk currencies” are falling as well. It seems that this is a “buy the rumor, sell the fact” behavior.

According to last month’s release, the US gained 80,000 jobs in October. While this was slightly below expectations, the report included significant revisions for previous months, and a rise in the participation rate of the population. The overall picture remained very positive.

Here’s a quick update on technicals, fundamentals and what’s going on in the markets.

The move then accelerated and EUR/USD already lost one support liine. Here are three reasons for the downfall:

The dollar reacts with an initial drop against the risk currencies such as the euro.  EUR/USD was trading just under resistance at 1.3838, after an earlier attempt to break higher failed. Another move higher followed the publication but was quickly erased. Reaction is mixed as well, but the dollar edges lower.

Here’s a quick update on technicals, fundamentals and what’s going on in the markets.

This is likely to weaken the dollar against risk currencies. Here is what is expecting us in the monthly circus with 5 scenarios for the dollar. NFP Preivew.