EURUSD trades in a neutral area and waits for the next shove

The EURUSD is in a neutral area ahead of the US jobs report at 8:30 AM. The 100-day moving average is the close lower support at 1.0763). The 100-hour moving average is the close higher resistance target (at 1.0798)

Looking at the chart above, the 100-day moving average comes in below at 1.0763. The 50% midpoint of the move up from the November 1 low comes in at 1.0766. If the price moves below those level (on a stronger report), the pair would target a swing area near 1.0725, the 61.8% retracement 1.0707, and another swing area between 1.0655 and 1.06747.

Conversely, a top side the next key target comes at the 100 hour moving average. That moving average currently comes in at 1.0798. Recall from yesterday, the high price start right against that moving average level and found willing sellers. The moving average is now lower and easier hurdle. Getting above would have traders next targeting the 200-day moving average at 1.0824 (green number circle 2). Break above that level, and it opens up the door for a potential run toward the 200-hour moving average at 1.08659 (green numbered circle 3).

This article was written by Greg Michalowski at Source