Technical Analysis EUR/USD for February 8, 2016

The EUR/USD lost ground on Friday following a mixed U.S. payrolls report that showed stronger than expected wage growth, and a declining unemployment rate. This came despite a lower overall headline number than came in worse than expected. The currency pair dropped and is poised to test support near the 200-day moving average at 1.1050. Resistance is seen near the recent highs at 1.150. Momentum remain positive with the MACD printing in the black.

U.S. nonfarm payrolls rose 151k in January following a 262k December increase and a 280k November pop. The January payroll gain falls short of the 221k average for last year. The unemployment rate dropped to 4.9% from 5.0% previously. The labor force climbed 502k, while household employment surged 615k. The labor force participation rate rose to 62.7% from 62.6%.