The 1.19516 level is eyed as a key target if the buyers are to take more control.
The EURUSD fell to a new cycle lows after the better-than-expected jobs report. The low price reach 1.18927. That was the lowest level going back to November 26 and got close to the 61.8% retracement of the range since the November 2020 low (at 1.1887).
The price bounce has taken the pair to a high of 1.19457. Just above that level since the swing low going back to February 5. In trading early today buyers tried to hold above that level, but ultimately the level gave way and the price moved lower.
If the buyers are to take more control intraday getting above that level is key. Stay below and the sellers remain in control.
Break above the swing area and traders will look toward the close yesterday at 1.19703. Above that and the swing low from Tuesday’s trade at 1.19907 would be the next target followed by the 100 day moving average near 1.2028. In trading yesterday, the price fell back below the 100 day moving average and raced to lower. That moving average level remains a key bias defining level for traders.