EURUSD looks back toward the 200 hour MA below. The MAs will be define bias through jobs | Forexlive

The EURUSD is looking back toward the lows for the day. The US stocks are moving back down with 30 minutes left in trading. US yields remain higher with the 2 year up 8.9 basis points and the 10 year up 6.5 basis points.

Looking at the hourly chart, the price is getting closer to the rising 200 hour moving average currently coming in at 0.9773. The 50% midpoint of the move up from the all-time low comes in just below that level at 0.97667. Move below both those levels and traders would start to target a swing area between 0.9733 and 0.97506. Move below that, and the 61.8% retracement of the move up from last week’s low at 0.9712 would be targeted.

Conversely if the 200 hour moving average holds support, is likely the pair settle somewhere between the 200 and 100 hour moving averages ahead of the jobs report tomorrow.

If so, traders will be watching the 100 hour moving average (blue line in the chart above) and swing area between 0.9861 and 0.9877 as a key risk defining and bias defining area. Get above that area will be more bullish.

Another key area on the topside for traders to pay attention through the jobs report tomorrow would be at 0.99515. Recall that level was the swing low going back to July 14, 2022. More recently in September it was a floor area between September 14 and September 21 before breaking lower on that day.

On Tuesday and Wednesday, the price moved above that level on its way to a double top near 0.9999 and just below the parity level (at 1.000). Getting above 0.99515 and the parity level would give buyers more of a boost.