In the run-up to the release already some euro longs or dollar shorts were taking some chips off the table as EUR/USD had a good upturn in the week-so-far at that stage, rebounding from the 1.2050 zone to the 1.2350 zone.
Then the payrolls came and hit the market like a bomb with a strong figure, reaching 300K + job growth whereas only 120K was expected. Of course the USD gained tremendously on this news. EUR/USD sank from the 1.2350 zone to the 1.2150 area. The rate EUR/USD was at about 1.2110 this morning and under such conditions EUR/USD will have a very tough time to repeat the 1.29 zone highs this year.
ČSOB - Investment Research