EUR/USD could have, should have, but did not do better

On Friday afternoon the impact of the US monthly jobs report sent the US dollar scurrying lower. The EUR/USD shot above 1.0950, but not before a spurious move lower as the US data broke across the screens. You see the automated trading systems that use smart AI to trade on news instantly, reacted first to the headline increase in non-farm payrolls. So, in less time than it takes to blink, those same robots had to then react the wider implications of the report and the fact that the unemployment rate rose. So, when the payroll revisions and 3.9% unemployment rate were taken into account this was not such a great report. Hence, the EUR/USD lifted to its best levels since January 11, when it subsequently rose to 1.0981. However, what was really disappointing was the fact that it could not reclaim 1.10 and then, that it later closed below where it had on Thursday (1.0948). The EUR/USD closed on Friday at 1.0939. It should have, could have and really ought to have done better. The EUR/USD is right now trading at 1.0936