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The EUR/USD pair slid under renewed pressure and touched its weakest record level of 2021 below 1.1520 on Friday after the US jobs report showed that Nonfarm Payrolls rose by 531,000 in October, surpassing the market consensus of 425,000.
The latest rebound in EUR/USD seems to be a technical correction with the Relative Strength Index (RSI) on the four-hour chart settling below 50.
Unless the pair manages to close the week above 1.1620, additional losses could be witnessed in the near term.
On the downside, initial support is located at 1.1525 (2021-low) ahead of 1.1500 (psychological level) and 1.1440 (previous resistance, static level).
Above 1.1620, (200-period SMA, 100-period SMA, Fibonacci 23.% retracement of September downtrend), 1.1670 aligns as another strong resistance (Fibonacci 38.2% retracement, static level).
