A look around the major currency pairs
EURUSD: The EURUSD moved to the lowest level since July 23 breaking below the October 12 low of 1.15237. The low price reached 1.15142 but has bounced back and currently trades at 1.1516. Looking at the daily chart, the 50% midpoint of the move up from the 2020 low to the 2021 high comes in at 1.14892. That is the next downside target.
GBPUSD: The GBPUSD moved lower before the jobs report and has not been able to take out the low set in the London morning session at 1.34236. The post employment low came in at 1.34279. The current price trades at 1.3445. That is still built between the swing area going back to December 2020 between 1.3411 and 1.34498. The low from September at 1.3411 remains the key target on the downside. Break below that level and the GBPUSD is trading at the lowest level since December 2020. Move back above 1.34498 and stay above that level could lead to disappointment from the sellers and a corrective rotation back to the upside
USDJPY: The USDJPY moved briefly above its 100 and 200 hour moving averages near 113.89. The high price reached 114.023 but has since backed off. The current price is trading at 113.78. Traders are still reluctant to move the price outside of the range since October 12. The low of the range comes in at 113.21. The high comes in at 114.69. This week has seen the price trade above and below its 100 and 200 hour moving averages which are near converged.
USDCAD: The US Jobs gains were stronger, while the Canada jobs gains were a touch weaker (although the unemployment rate did decline to 6.7% from 6.9%). One might expect the USDCAD to move higher, but the USDCAD fell. The pre-jobs high did stall against its 200 day moving average at 1.24785. That was a key target and perhaps sellers were intent on selling against that level . It would take a move above the 200 day moving average to increase the bullish bias
