EUR/USD tumbles below 1.1600 on Payrolls

• The pair sheds further ground and breaks below 1.1600.
• The greenback leaves session lows and picks up pace.
• US Non-farm Payrolls came in above expectations at 201K.

The offered tone is gathering steam around the euro on Friday and is now forcing EUR/USD to drop and print fresh lows in sub-1.1600 levels.
EUR/USD retreats further post-NFP
The pair keeps losing ground after the US economy created 201K jobs during August, bettering estimates at 191K and up from July’s 147K (revised from 157K). Additional data showed the unemployment stayed put at 3.9%.

Furthermore, the critical Average Hourly Earnings – a proxy for wage inflation – expanded at a monthly 0.4% and 2.9% over the last twelve months, both prints surpassing forecasts.

EUR/USD levels to watch

At the moment, the pair is down 0.30% at 1.1587 and a break below 1.1508 (low May 29) would target 1.1449 (50% Fibo of the 2017-2018 up move) and finally 1.1299 (2018 low Aug.15). On the upside, the next hurdle emerges at 1.1659 (high Sep.6) seconded by 1.1734 (high Aug.28) and finally 1.1745 (high Jul.31).