Back below a hourly trend line
The EURUSD has moved lower after the surprise employment report that showed job gains of 2.5 million vs expected declines of -7.5 million.
Looking at the EURUSD , the price fell below a trend line at 1.1316. The low reached 1.1285. Stay below would be the best scenario for the pair.
On the downside, an old trend line cuts across right near the 38.2% retracement of the move up from the last swing consolidation low from May 29. That level comes in at 1.1264-67.
Taking a broader look at the daily chart, the EURUSD has been up for a consecutive days. The close yesterday came in at 1.1335. That was the highest close since March 9 when the price peaked last at 1.14918. On the downside, there is support at a swing area 1.12385 – 48. Yesterday the price raced above that level.
