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EUR/UDS reaches a new cycle high of 1.1269, breaking the previous high of 1.1266. Further resistance awaits at 1.13, followed by 1.1360 and 1.1420.

Update:  the pressure continues and the new high is 1.1274. Will we reach the US elections high of 1.13? This remains an open question. Support awaits at 1.1160, followed by 1.1120.

It is all due to the terrible  US jobs report. The US gained only 138K, worse than expected and with a downwards revision of 66K.

Worse off, wage gains remain static at 2.5% y/y. While m/m salaries came out as expected with 0.2%, the number for the previous month was revised to the downside, to 0.2%. Will the numbers that we are seeing now also suffer a downwards revision?

Here is the EUR/USD daily chart, showing the new highs.

More:  EUR: ECB To Stay On Course For Tapering Despite Drop In Core Inflation – ABN AMRO