200 hour MA and retracement holds support
The US jobs report was a bit of a disappointment with jobs rising by 661K. The good news is the unemployment rate dipped lower than expected to 7.9% from 8.2% but overall, the report tilts more to the downside. That should encourage stimulus in a normal world.
The EURUSD has moved marginally lower on the news so far (dollar higher). The high reached 1.1733. The low has now dipped to 1.17064. The price trades near the low currently
Technically, the pair peaked near a swing area between 1.1767 and 1.17748 (see green numbered circles). Today, the high peaked below a lower swing area between 1.1750 and 1.1755 (see red numbered circles). The subsequent fall today took the price down to its 200 hour moving average currently at 1.16197. The low also stalled just ahead of the 50% retracement 1.16904. The low for the day has reached 1.1695. If the price is to move lower getting and staying below that support would definitely tilt the bias more to the downside.
The current prices trading above and below its 100 hour moving average at 1.17144. That tilt the bias a little more to the downside from a technical perspective. However the pair has traded above and below that moving average during 6 hourly bars today. A move below the 1.1700 level would be a minor negative ahead of the key 50% retracement and 200 hour moving average.
PS. The New York Times is reporting that Pres. Trump has minor symptoms so far (not asymptomatic)
