EURUSD above trend line resistance after weak US jobs report
The US jobs report was weaker than expectations (the ADP people are cheering no doubt) and the dollar is getting hit.
Some quick technical comments:
EURUSD. The EURUSD moved above a topside trend line at the 1.1305 level. The figures and midpoint of the move down from the January high comes in at 1.1338. The 200 day moving averages about 1.13676. Those are the next major targets on the daily chart below. Risk is a move below the 1.1300 now.
USDJPY. The USDJPY has tumbled below its 100 hour MA at 108.219 and below the 108.00 natural level. The pair is approaching the lows for the weeka t 107.80-84 area. A move below will next target 61.8% of the 2019 range at 107.74 and the January 4 low at 107.507. Below that level and the pair is in the flash crash trading range.
GBPUSD: The GBPUSD has moved above the swing high ceiling at the 1.2742-47 and moved to a high of 1.2756. The pair is coming back to test that old swing level. Do buyers come in against the area? Key barometer for bulls and bears today. Stay above more bullish. Move below and there could be some anxious traders. So far the level is holding.
...more to come