EUR/USD outlook: Bulls hold grip and pressure pivotal barriers, US labor data eyed for fresh signals
EUR/USD
The Euro keeps firm tone and extends gains into third consecutive day, pressuring key resistances at 1.0750 zone (50% retracement of 1.0885/1.0601 / daily Kijun-sen).
Firm break here to generate fresh bullish signal for extension of the bull-leg from 1.0601 (Apr 16) where larger downtrend was contained by a double-Fibo support (38.2% of 0.9535/1.1275 / 76.4% of 1.0448/1.1139).
Technical picture on daily chart is improving, as positive momentum is strengthening and 10/20DMA’s are about to form a bull-cross, however, repeated failure at 1.0750 zone would risk another recovery stall and keep the downside vulnerable.
Near-term bias is expected to remain with bulls while the price holds above 1.0700 (psychological / converged 10/20DMA’s, while break here would weaken near-term structure.
All eyes are on release of US jobs data, with US labor sector expected to remain in good condition, according to forecasts, which would add to Fed’s current stance of keeping interest rates unchanged and offer more support to dollar.
Res: 1.0753; 1.0776; 1.0796; 1.0838.
Sup: 1.0721; 1.0700; 1.0649; 1.0601.
Interested in EUR/USD technicals? Check out the key levels
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