EURUSD remains within trading parameters
The EURUSD moved lower on the release of the US jobs report. The price extended toward the New York afternoon session low from yesterday at 1.18103, but stayed above other swing lows from yesterday’s trade (and the swing lows for the week at 1.1801 and 1.17883).
The price has rebounded back toward the prerelease levels at 1.18448. The high corrective price has reached 1.1838. The price currently trades at 1.1822.
What we know is the 200 hour moving average remains a key ceiling for the pair. Stay below keeps the bears happy. That moving average currently comes in at 1.18653. The price is well off that level.
On the downside getting through the swing lows from yesterday at 1.1810, 1.1801 and 1.17883 are the next targets. Below that there are lows going back to August 21 with a swing area at 1.1779-83, the swing low from August 26 at 1.1772, and the August 21 low at 1.17530.
US stocks after the report have seen a rebound:
- The Dow leads the way with a gain implied by futures of 250 points
- The S&P index is up 17 points (implied by the futures)
- The NASDAQ index still remains the laggard with a decline of -45 points. However that is much better than the over 100 point decline seen at the beginning of the New York session.
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