As the Unemployment approaches, the EURUSD continues to be in a mode where the buyers have to prove they can take back control from the sellers. Looking at the hourly chart, on the topside a move above the the 1.2347 topside trend line is the first step. From there:
- The high from yesterday at 1.24267 corresponds roughly with the 38.2% retracement of the weeks trading range at 1.2430 (see chart).
- The 100 hour MA is currently at 1.24423
- 50% of the weeks range is at 1.24668
- 61.8% at 1.25037 and
- 200 hour MA at 1.2526
On the downside, the bottom channel trend line comes in at the 1.2238 level. This is the next level to eye on the downside.
If the price can not go higher, the trend can continue. Other key targets on the downside include the 1.2131 and the 2010 low at 1.1876.