Job gains and revisions add over 1M jobs
The US jobs report came in stronger than expected with the headline number and the revisions heading over million jobs.
The EURUSD has moved lower and heads toward the lows seen in July. Looking at the hourly chart, the 1.1769 to 1.1771 were swing lows going back to July 27 and 28th. The price just traded to a low at 1.17767. Below that the other swing lows at 1.1762, 1.1756 and 1.17512 become the focus.
A risk level now for shorts would be near the1.18019 to 1.1804 (around the 1.1800 area). Traders would not want to see the price moved back above that area if the sellers are to remain in full control. The level corresponds with swing area going back to July. Admittedly, the price did chopped around that area as well, but before the report, the lows today did stall near that area as well. Stay below is more bearish.
The premarket in the US stocks and other markets at 8:58 AM ET shows the:
- Dow up 76 points
- NASDAQ index down 64 points
- S&P unchanged
- Crude oil $69.90 up 1.24%
