Investing.com - The euro rose against the U.S. dollar on Friday, pulling away from a two-year low as disappointing U.S. nonfarm payrolls data dampened demand for the greenback.
EUR/USD hit 1.2439 during U.S. morning trade, the session high; the pair subsequently consolidated at 1.2422, gaining 0.41%.
The pair was likely to find support at 1.2293, the low from August 20, 2012, and resistance at 1.2578, Tuesday's high.
The dollar came under pressure after the Department of Labor said the U.S. economy added 214,000 jobs last month, disappointing expectations for an increase of 231,000. The number of jobs added in September was revised to 256,000 from a previously estimated 248,000.
The report also showed that the U.S. unemployment rate ticked down to 5.8% in October from 5.9% in September. Analysts had expected the unemployment rate to remain unchanged last month.
But the euro's gains were expected to remain limited as Thursday's remarks by European Central Bank President Mario Draghi continued to weigh.
At the conclusion of the ECB's monthly policy meeting, Draghi said that the central bank would soon begin purchasing asset-backed securities to prop up the economy.
The program will run for two years and have a "sizeable impact" on the ECB’s balance sheet, Draghi said.
He added that the governing council is unanimously committed to taking further "timely measures" if needed, which sent the euro dropping.
Earlier Friday, official data showed that French industrial production was flat in September, compared to expectations for a 0.2% fall, after a 0.2% decline the previous month.
The euro was also higher against the pound, with EUR/GBP rising 0.38% to 0.7845.