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The EURUSD move lower after the US jobs report, and in the process dipped below the lower end of a swing area at 0.9733. The underside of a broken trend line was also near that level (on the hourly chart). However the initial dip could not be sustained and the price did rebound back toward the 50% midpoint of the 2 week trading range. That level comes in at 0.97667. Sellers came in near that level and pushed the price back down toward 0.9750.
So the price remains above the lower end of the swing area near 019733 but below the 50% midpoint at 0.97667. That tilt the bias still in favor of the sellers. For dollar buyers, it would take a move back above the 50% and the 200 hour moving average at 0.97874 to the gate the bearish tilt seen in the short-term.
On the downside, getting below the 61.8% retracement of the same 2 week trading range at 0.9712 would be a another step in the bearish direction.
US stocks are remaining under pressure with the Dow industrial average down around -500 points or -1.68%, and the NASDAQ index down -300 points or -2.7%.
US yields are higher but steady. The 2 year yield is up around 5.4 basis points at 4.303%. The 10 year yield is up 6.8 basis points at 3.89%
The Fed terminal rate remains somewhat steady at 4.65%. The Fed dot plot showed a terminal rate of 4.6% (so 4.5% to 4.75%). At 4.65% it is marginally above their terminal rate currently.
Below is my post jobs video outlining the levels in play for the major currency pairs.
