The USD moved sharply lower as yields tumble on weak jobs report

The sharp revisions in the lower-than-expected NFP, has sent the US dollar to downside. What did the price action due to the technicals?

• EURUSD: The 100-day moving average held as solid support, helped in large part by the reaction to the U.S. jobs report. The initial move lower took the pair down to the key level near 1.1400, but buyers stepped in aggressively. The price has since rebounded sharply, breaking back above the 100-hour moving average at 1.15042. The rally extended to a session high of 1.1558, which stalled just below the 38.2% retracement of the decline from the June high. That level also corresponded with swing lows from mid July increasing the levels of importance. Getting above is needed to increase the momentum to the upside. Watching the 100 hour moving average on the downside.

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This article was written by Greg Michalowski at investinglive.com.



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