Declines take the price below swing area between 1.2153-1.2164
The EURUSD has moved to new session lows after the weaker than expected jobs report. The move to the downside as taken the price below the low for the day at 1.21383.
Earlier the price dipped back below a swing area from the daily chart at goes back to January to April 2018. During that time swing lows came in between 1.2153 and 1.2164. Both yesterday and today the price traded above that area but could not sustain momentum. It now represents close resistance.
The jobs data is a negative for a rebound which has been a contributor to the run into other non-US currencies like the EUR. However, perhaps it leads to a Covid stimulus deal as well. So that may keep the downside limited. Watch the swing area for the technical clue. Stay below is more bearish. Move above and the buyers have more control.
