Price swings back higher but stalls at topside trend line.
The EURUSD swung around before the US employment report. The headline was a little weaker, but the revisions and other data was at least on par with expectations. The initial reaction was higher, but the pair did initially stall at the topside trend line (and high for the day) at 1.1608. We trade just below that level now.
A move above that trend line would be more bullish technically, with the 1.1619 and 1.1630 the next targets (swing low from last week and the 38.2% retracement). Above that the 1.16522 is the 50% retracement for the week. I would expect sellers to lean at those higher levels.
So far, traders are more inclined to use the closer trend line level to lean against (and sell).
On the downside, the 1.1574 was a swing low from July 19. Then the low and the lower trend line become targets.
Drilling to the 5-minute chart, the low before the number stalled at the 100 and 200 bar MAs. It is also the 50% midpoint of the day's range. A move below (at 1.1584) should also change the bias more to the downside.
