EUR/USD turns higher and overshoots pre-NFP levels

EUR/USD bounced strongly from lows as the USD rally triggered by stronger-than-expected jobs data was short-lived.

EUR/USD fell quickly to a low of 1.1001 but quicker it rebounded, rising over 100 pips to a fresh 3-day peak of 1.1119 before losing momentum. At time of writing, the pair is trading at 1.1065, virtually unchanged on the day.

US economy added 287,000 jobs in June, beating expectations of 175,000 and marking the strongest level since October. Meanwhile, However, the unemployment rate rose to 4.9% in June from 4.7% in May.

EUR/USD levels to watch

As for technical levels, immediate support levels are seen at 1.1000 (psychological level), 1.0913 (post-Brexit low Jun.24) and then 1.0820 (Mar 10 low). On the other hand, next resistances could be faced 1.1119 (Jul 7 high), 1.1185 (Jul 5 high) and then 1.1225 (100-day SMA).