EURUSD stays between retracement levels | Forexlive

The EURUSD initially fell after the US jobs report. The price action moved from the 50% midpoint (at 0.98141), and key swing area between 0.98056 and 0.9816, down to the 61.8% retracement at 0.97483. The price has since bounce and currently trades at 0.9797 closer to the upper extreme.

Recall the swing area between 0.98056 and 0.9816 has a number of key levels within that fairly narrow range going back to September (see red numbered circles in the chart above). If the sellers are to remain in control staying below that area (along with the 50% midpoint) is needed. Move above and traders will start to target the 100 hour moving average at 0.98468.