New highs reached for the day, but the price gains retraced
The EURUSD was trading at 1.10913 before the release of the jobs report. The price spiked to a new session high at 1.11131 (with a 26 pip range getting outside the range was not hard). The earlier day high was at 1.11086. The price just reached 1.10914. Call the lap up and down complete.
Taking a look at the hourly chart below, the price high did move above a topside trend line (and the 50% of the move up from the end of November low) , but that was not sustained.
Technically, the buyers have not been able to do much. The buyers have to do a little more than spend a few minutes above the topside trend line in the chart above. The sellers are simply more in control.
On the downside, the 1.1180 area is home to the 61.8% and the lower channel trend line. Get below that level and the dip buyers will get more nervous.
Below that area and traders will be focused on the 100 day MA at 1.10612. That would be a more important technical target going forward, and may be what traders are focused on now.