EURUSD advances after weak payrolls

08/01/2021

The greenback erased its earlier gains after a really weak NFP number and the EURUSD pair was trading flat at around 1.2270 in the initial reaction.

Current supports could be seen at 1.2240 and afterward at around today's lows in the 1.2220/10 region. 

Alternatively, the resistance is probably located at 1.2280 and if the euro jumps above that level, we could see another leg higher toward 1.2310.

The medium and long-term trends still look bullish, but short-term corrections could occur. Especially as US yields are starting to accelerate higher, which should be supportive for the greenback. 
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