Weaker jobs reports NZ dollar lower initially
The weaker jobs report (sans the unemployment rate) sent the US dollar lower initially. For the EURUSD, the pair spiked up to test its 100 hour moving average 1.20227. The high price reached 1.20232 and has backed off a bit.
The area between 1.20027 and 1.20100 is back to being a support level. Recall those levels were swing highs going back to September 1, 2020 and November 30, 2020. On December 1, the price spiked above that area and did not return until yesterday when the price fell below and moved down to test (and briefly break) the 100 day moving average at 1.19583 (in the Asian session today). Traders will now be watching for support. A break below could see more probing to the downside. Staying above keeps the buyers more control. The battle is on.
