The US economy gained only 38K, the least jobs gained since September 2010 and many other details looked terrible such as downwards revisions.
Finally, EUR/USD made a big move, running much higher. What are the next levels to watch?
EUR/USD is trading just under 1.13 at the time of writing. While it seems to hesitate around this round number, it isn’t resistance. Real resistance appears only at 1.1335, which was the lower bound when the pair traded at a higher range.
Further weak resistance awaits at 1.1410, which was a swing high back in early Spring with much stronger resistance at 1.1460 after working as resistance in both May 2016 and May 2015 – the post crash high.
Beyond this level we find 1.1616, which was the high in April and the next line to watch is 1.1712, the 2015 high seen in August, with the Chinese stock market crash.
On the downside, 1.1250 turns into support, followed by 1.1180, 1.1130 and 1.1070. Basically, these are the previous lines that euro/dollar traded around recently.
More: What I talk about when I talk about EUR/USD
Here is the EUR/USD daily chart. Note the magnitude of the jump, something we certainly missed from the charts.
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