Bounces off underside of the broken trendline
The EURUSDs initial reaction was lower off the stronger jobs gains, but the fall took the price to the underside of a broken trend line and the selling stalled. The price is back higher – trading at 1.1163 currently. Just ahead of the report the price was at 1.1154.
Yields are now negative in the US after being higher. The reaction, to me, is a bit strange.
Technically, getting above the 1.1175-77 area (see green numbered circles on the hourly chart) would then look toward the 200 and 100 hour MAs at 1.1183 to 1.11947 respectively.
On the downside (to me, we can go either way), watch the 1.1150 area. The price dipped to 1.1149 after the run higher.