EURUSD moves to a new session low and bounces off the 38.2% retracement near 0.9821 | Forexlive

The EURUSD moved to a new session low and in the process, away from its broken 100 hour moving average currently at 0.96676.

The low price reached 0.9827 which was within 6 pips of the 38.2% retracement of the move up from the 2022 low and lowest level since 2002. That retracement level comes in at 0.98213. The current price trades at 0.9837.

The current price the pair is between the 100 hour moving average above (and the swing area) and the 38.2% retracement below. A move below the 38.2% retracement would have traders targeting near 0.9810 (swing area between 0.9806 and 0.9812).

Below that level at is the 50% midpoint of the same move higher and the rising 200 hour moving average. Both of those levels currently come in at 0.9767 (with the 200 hour moving average moving higher). Below that level is a another swing area between 0.9733 and 0.97506.

Needless to say the jobs report tomorrow will be a key barometer for the US dollar. A weaker number (expectations 265K for NFP, unemployment rate of 3.7% and average hourly earnings at 0.3%) and push the price back above the 100 hour moving average. Something stronger and the 200 hour moving average below would likely be broken as dollar buying continues to dominate.

UPDATE: As I type a new low as being made in the 38.2% retracement is being officially tested that 0.98213.