EURUSD peeks above its 100 hour moving average and backs off


Marginal moves since the report

The reaction in the EURUSD was relatively modest. The high price on the current hourly bar reached 1.08513 with the low at 1.08246.  Only about 26 pips on a number of -20M jobs.  That ain’t alot.

Marginal moves since the report_

Technically, the moved to the upside did peek above its 100 hour moving average at 1.08421. The prices back below that moving average. The last time the price closed above it was back on May 4. If the price can extend back above the 100 hour moving average we should see further upside probing with the 38.2% retracement of the move down from the May 1 high at 1.08623 and the 200 hour moving average at 1.08705 as upside targets. A move above the 200 hour moving average would open the door for further upside momentum.

For now, however, the sellers are more in control below the 100 hour moving average. Stay below, and  the swing area at 1.0808 – 15 is the next downside target (see red numbered circles and lower yellow area). Yesterday, the price last corrected up to the level and fell to the days lows at 1.0766 before rebounding back above the area with momentum in the New York session. Today’s earlier session lows stalled ahead of that area which was a bullish play. Sellers need to take out that swing area to tilt the bias more to the downside.

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