EUR/USD Price Swings Continue Amid Consolidation

The EUR/USD currency pair has seen significant price swings following a stronger-than-expected US employment report. The pair initially fell to an intraday low of $1.1585 before recovering as the US Dollar struggled to sustain its gains.

At present, the EUR/USD trades around $1.1620, with the US Dollar Index (DXY) trading at approximately 99.10 after climbing as high as 99.36 following the employment report.

The broader price structure retains a modest bullish bias, with the pair forming a sequence of higher highs and higher lows since recovering from below $1.1400 in late July.

However, buyers still need to clear the 200-day Simple Moving Average (SMA) near $1.1634 to regain control. A break above this level could pave the way towards the $1.1700 mark, followed by the more distant resistance zone around $1.1800.