EURUSD was declining as expected by our previous analysis and reached as low as 1.2103. Our initial downside target was at 1.2050 but the announcement of the NFP has provided a good justification for a price bounce. Resistance and bounce target is at 1.2170.
EURUSD is bouncing higher and I expect at least a back test of the broken red trend line. This trend line is now resistance. In orders for bulls to regain control of the short-term trend price must break above 1.2240. Until the price is vulnerable to a rejection and reversal to the downside. Support is at today's low of 1.2103. Breaking below 1.21 could lead to a deeper decline towards 1.20.