Fed tightening odds surge
The US jobs report came out much better than expectations and the EURUSD fell sharply. The range for the day has extended to 192K from about 40 pips before. The correction has taken the price up about 48 pips from the low to a high at the 1.0750 level. The low price came in at 1.07018 in the first minute of trading. Traders who sold the low get squeezed a bit. The 50% of the last trend move lower comes in at the 1.0765-84. This is a risk area for the extended range today.
The next major target comes in at the 1.0659 level. That is a ways off . With the range developing, traders will look toward getting below the 1.0700 level first. Traders will look for corrections to be contained. Shorts don't want to be squeezed.
