Looking for retracements
The EURUSD has tumbled on the back of the better jobs data. The fall took the price tumbled below the 1.0935 level on the hourly chart (the line in the sand on the downside)
For traders looking to sell, keep an eye on the 38.2% -50% retracement of the move down off the report. Given the current trading range, the 38.2% comes in at 1.0915. The 50% comes in at 1.0928 which was the low from the pre-release. The price should not trade above the 1.0928 – 35 area. This is the risk, defining level for shorts today, look for sellers on rallies.
