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The FX board was unimpressed with the US employment figures, as majors barely move. EUR/USD is unable to advance beyond the 1.0800 level, at risk of accelerating south, according to FXStreet’s Chief Analyst Valeria Bednarik. 

Key quotes

“The number of layoffs reported for US companies in April jumped to 671.129K from 222.288K in March. Initial Jobless Claims for the week ended May 1 resulted in 3.17 million, worse than the 3 million expected.” 

“The 4-hour chart shows that the 20 SMA extends its sharp decline below the larger ones, a sign of increasing selling interest, while technical indicators remain within negative levels, with modest downward slopes.” 

“The EUR/USD pair needs now to break through 1.0760 to confirm a steeper decline during the upcoming sessions.”