Is the Euro breakout real after weak U.S. Jobs Data?Euro / U.S. DollarFOREXCOM:EURUSDProfessorSingaporeEURUSD: Is the Euro breakout real after weak U.S. Jobs Data? EURUSD jumped after the latest U.S. jobs report came in much weaker than expected. The U.S. economy reportedly lost 23,000 jobs in July, while markets had expected job growth. This pushed Treasury yields lower and reduced expectations for a near-term Fed rate hike. The dollar fell to a multi-week low, while the euro briefly reached the 1.1580 area. For EURUSD, the key macro driver is now clear: weaker U.S. labor data supports the euro, but follow-through depends on whether the dollar remains under pressure and whether upcoming U.S. inflation data confirms a softer Fed path. On the 1H chart, EURUSD is trading around 1.1552 after a sharp spike toward the 1.1573-1.1580 resistance zone. Price is still above EMA9, EMA20, SMA50 and SMA200, so the short-term structure remains bullish. RSI is around 61, showing positive momentum but no longer extreme after the spike. Stoch RSI is elevated near the upper zone, so chasing longs directly under resistance is risky. MACD is slightly positive, confirming bullish pressure, but momentum needs continuation above resistance. If EURUSD reclaims and holds above 1.1573-1.1580, the next upside targets are 1.1600, then 1.1620. If price fails below 1.1573-1.1580, the pair may pull back toward 1.1540-1.1535, where the short-term moving averages are clustered. If EURUSD breaks below 1.1519, the bullish post-news structure weakens and downside risk opens toward 1.1500, then 1.1496 near the 200 SMA. ⚠️ Not financial advice.