Up and down price action with a new session low through the employment report
The EURUSD initially moved higher (lower dollar), then reversed and traded to a new day low at 1.07769 on the release of the US jobs reports. The price is currently trading around 1.0789.
Technically, looking at the hourly chart the next downside target comes against day lower trend line at 1.07676. A swing low from March 24 comes in at 1.07452. Those are lower targets.
On the topside, the price fell below the low from yesterday at 1.0820 and has stay below since that time. The swing high could only reached 1.08155. That is a close risk level for shorts looking for more probing to the downside. A move back above the broken 61.8% retracement at 1.08302 would also be a positive for the buyers.
Taking a broader look at the daily chart, the low price today is testing the swing low from February at 1.07768. We are currently testing that level as I type. A move below could be a catalyst for further downside momentum and moves toward the hourly targets.
