NFP rises by 126K. Prior months revised lower by -69K
The EURUSD has moved sharply higher on the back of the weaker than expected nonfarm payroll. The price has moved above the topside trend line and the 200 bar MA ( green line in the chart below) at the 1.0963 level. The underside of the broken trend line comes in at 1.0949. Stay above this area and the buyers remain in control.
Looking at the price action from the 5 minute chart, the price correction off the high has come right down to test the 200 bar MA from the 4 hour chart (see chart above) level at 1.0963. The buyers are remaining in control and are showing that they are using that 200 bar MA (4 hour chart) as a level to define and limit risk.
The next targets above come in at the 1.1013, 1.1035 and 1.1051. (see pre-report targets)
