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EURUSD briefly rises but retreats after mixed employment report

Job growth slows but unemployment rate drops and participation rate increases

EURUSD rose briefly after weaker job gains. Fed pricing is forecasting a rate hike by June with two price hikes for 2022. This remains unchanged from before the jobs report. As mentioned, the Fed is now focusing on inflation issues. The lower number of jobs is still positive and the falling unemployment rate is also in the right direction.

Technically, the high price rose to 1.13329. It was just above a swing zone between 1.13215 and 1.13315. It is still lower than the week’s high which peaked at 1.13775 on Tuesday.

The price has moved back down and is currently trading at 1.1295. This places the price between the 100 hour moving average at 1.13125 and the 200 hour moving average at 1.12765 and in an area of ​​neutral bias at least in the short term. It will take a move above the 100 hour moving average or below the 200 hour moving average to increase the bias in the direction of the breakout.

The price has been consolidating in a range since mid-November. This week’s high price stopped near the 38.2% retracement of the move down from the Oct 28 high at 1.3778. The highest price hit 1.13822 on Tuesday just above this retracement level. This allows sellers to stay in control, as the corrective movement from the low is a simple vanilla variety (up to the 38.2% retracement zone).

That said, it is necessary to move back below the 200 hour moving average to increase the bearish bias and cause traders to look to the swing lows. Tuesday’s week low also came in at 1.12335.


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