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EUR/USD Spikes on Mixed US Jobs Data, Focus Shifts to CPI

EUR/USD rallied to an eight-week high near 1.0980 following Friday’s US Nonfarm Payrolls (NFP) report. While job additions beat forecasts, the report’s complexity, including substantial downward revisions to previous figures, left markets uncertain. Attention now turns to next week’s Consumer Price Index (CPI) releases for both the US and Eurozone.

Technical Outlook:

Short-term Uncertainty: EUR/USD’s bullish run could be challenged if it closes below 1.0951.

Long-term Bullish Bias: The pair remains well above its 200-day SMA (1.0833), maintaining a bullish bias after rebounding from 1.0800.

Key Factors:

Conflicting NFP Data: Upbeat headline figure offset by downward revisions.
CPI Inflation: Next week’s releases will be crucial for gauging central bank policy and EUR/USD direction.