Technical Analysis EUR/USD for 8/10/15

July nonfarm payrolls added 215k jobs, in line with expectations. Private employment rose by 210k. Prior payrolls were revised higher for June which increased to 231k from 223k and were revised to 260k from 254k in May.The jobless remained unchanged at 5.3% in line with expectations. The workweek held at 34.5 for a sixth month.Hourly earnings were 0.2%, which left the SA y/y figure at 2.1%.

The number was robust enough for traders to start to price in a September rate hike, but instead bond prices moved south allowing the dollar to easy.  The Euro bounced off of trend line support at an upward sloping trend line at 1.0850.  Prices stopped at resistance near the 20-day moving average at 1.0950. Momentum has stalled with the MACD (moving average convergence divergence) index printing at the zero index level.