EURUSD stays between retracement levels. Traders are waiting for the break

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EURUSD stays between retracement levels. Traders are waiting for the break

<p>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.</p><p>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.</p><p>US stocks in premarket trading are holding up as good news (stronger data) is good news (and not bad news for a change). </p><p>Dow industrial average is up 186 points. The NASDAQ index is up close to 100 points and the S&P index is up close to 30 points</p><p>stocks are higher as well despite higher yields:</p><ul><li>2 year yield 4.744% that is little change from levels at the start of the US session</li><li>10 year yield is at 4.192% that is up around 4 basis points from the start of the US session</li><li>30 year is at 4.251%, that is up about 6 basis points from start of the US session</li></ul>

                This article was written by Greg Michalowski at forexlive.com.

Source: EURUSD stays between retracement levels. Traders are waiting for the break

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