NFP expected to rise by 180K
With the US employment report ahead, the dollar is more bid today. What levels are eyed in the EURUSD and USDJPY
EURUSD
For the EURUSD,
- the high for the year and the highest level since the end of 2014 comes in at 1.25369.
- A move above that level is open road.
- However, the swing high from December 14 week in 2014 came in at 1.25688 and
- the swing high from the November 16 week reached 1.25975. That level dovetails nicely with the 61.8% retracement of the move down from the 2014 high which comes in at 1.25972. That is a key level on the upside
ON the downside, for the EURUSD,
- the low today was the high from Wednesday at 1.24745. Move below, turns the tide to the bearish side.
- The 100 hour MA comes in at 1.2429. That is also the 50% of the move up from this week's trading range (from the low to the high).
- Below that, and the 200 hour MA at 1.24059 will be eyed. The price has not traded below the 200 hour MA since January 11th.
USDJPY
For the USDJPY, on the topside,
- getting above the 110.18-227 would be the more bullish. That was the low January 17th and the 38.2% of the move down from the January 8 high.
On the downside,
- the 200 hour MA comes in at 109.25 and
- the 100 hour MA comes in at 109.124. Moves below would be more bearish technically.