Market is waiting for the numbers
The EURUSD moved to within 4 pips of the 2017 high at 1.2092 yesterday and backed off. In a late post, I speculated that the pair had peaked, to watch the 1.2081 level for resistance but that support at 1.2042 would be a level to get below and the employment report might limit the moves (see post: Forex technical analysis: EURUSD gives up on the upside?). That is basically what has happened. PS the 1.2042 was the swing low from 2015.
The price correction has also allowed for the 100 hour MA to catch up to the price. It is at 1.20377.
The price action will depend on the data. A weaker number and the market will be looking toward the highs at 1.2092 area.
On a strong number the 100 hour MA will be broken with the 1.2000 low from earlier this week as the next target, a trend line at 1.1972 and the 200 hour MA at 1.1965, the next target steps.
