Finds sellers on rebound toward 1.2042
The EURUSD fell after not being able to breach the high from yesterday at 1.2088 and the high for 2017 at 1.2092 (the high reached 1.2082 today). The fall took the price back below the 1.2042 (swing low from 2015) and the 100 hour MA at 1.20387. The corrective move off the initial low stalled at 1.2043 - just above the 1.2042 level - and that stall has now led to a run back to the downside. The pair is making a new session low at 1.2020.
The next target remains the 1.2000 level which was the low on Wednesday. Below that a trend line cuts across at the 1.1975 area now (and moving higher). The 200 hour MA is at 1.1967.
The data today was not great. It was not bad either. The jobs fell short of expectations. Wages were higher month on month, but a revision to last month took some of the good news out of that piece of data. Wages remain steady but not going higher.
The ISM non manufacturing data was likewise softer but Factory orders were a bit better.
The yields in the US have recovered back to the upside with the 10 year at 2.47% after falling to 2.432% on the employment release.
