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EUR/USD sets weekly close below 1.0800

The surge in the dollar on Friday did eventually push the EUR/USD below 1.0800 once more. As noted here before that, Euro traders were caught flat-footed by that much better US jobs report and the market looked clearly on the wrong side of the price action that followed. The low seen later, after the European close was at 1.0780, which means it exactly matched the prior 2024 low at that level. The EUR/USD later closed in New York at 1.0788. That was its first daily (and weekly) close below the 1.08 handle this year. It was also below a noted Fibonacci support level, at 1.0793 (50% of the 1.0448-1.1139 move). Of course it was also well below the 200 day moving average once more (then at 1.0839). So, by any measure it was not a happy ending for the EUR/USD on Friday. The prospect of the next Fibonacci level now coming into focus should be live. That is in place at 1.0712. Overnight the EUR/USD has taken out that 1.0780 level and earlier hit a session low at 1.0767. It is just now trading at 1.0779

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