200 hour moving average and swing level holds the support. Solidifies area as a key area
The EURUSD initially dipped on the better-than-expected jobs report (stronger USD) but has since given up those dollar gains and moved higher.
Technically, the low for the day reached 1.18008. A nice round number tobounce off of. It also was just ahead of its 200 hour moving average at 1.1798 and was near the swing area between 1.1801 and 1.18089 (see yellow area and red numbered circles). The 50% of the week’s trading range is also in the area at 1.18051.
Needless to say, the cluster of technical levels and the bounce off of it increases that areas importance.
The move higher has taken the price back above its 100 hour moving average. That moving average has seen the price action above and below over the last 4 trading hours as market participants awaited the jobs data. A move back below that level (currently at 1.18185) should tilt the intraday bias a little more to the downside with the key support area still in the way (down to 1.17986).
On the topside, more upside momentum as a topside trend line at 1.1852 as the upside target. Get above that level would be more bullish in trading today.