EUR/USD up, up, up it goes… warming up for 1.13?

EUR/USD has rapidly surpassed the 1.1200 handle following miserable print from May Non-farm Payrolls, coming in at 38K vs. 164K from prior surveys.

EUR/USD closer to 1.1300

Spot surged following the huge miss from US Payrolls during last month, where the Average Hourly Earnings matched expectations, rising 0.2% MoM and Average Weekly Hours stayed unchanged at 34.4.

The up move gathered extra steam as market participants have quickly reduced their expectations of a rate hike by the Fed at the June meeting, increasing the selling mood around the dollar.

EUR/USD levels to watch

The pair is now up 1.23% at 1.1292 and a break above1.1350 (high May 13) would target 1.1466 (high Apr.12) en route to 1.1615 (2016 high May 3). On the other hand, the immediate support lines up at 1.1097 (200-day sma) ahead of 1.1055 (low Mar.16) and then 1.0820 (low Mar.10).