EUR/USD Price Analysis: Key levels to watch around NFP report
|- EUR/USD bulls burst into critical resistance ahead of NFP.
- 1.1911, 1.1986, 1.2051 and 1.2192 are upside targets.
- 1.1910s and the 1.1870s, 1.1850/60 and 1.800 are downside targets.
EUR/USD has moved up to third place in the Currency Strength Index as the narrative over the Federal Reserve's has started to deteriorate ahead of Friday's key Nonfarm Payrolls event.
The report is expected to hammer the nail into the coffin for the greenback if there is a significant disappointment in the data.
The following is a technical analysis of the pair which illustrates critical structures to monitor over the NFP jobs report tomorrow.
Daily chart
The daily chart sees the price bursting out beyond trendline resistance, winding up prospects of a significant trend reversal.
The upside levels are eclipsed in the chart above, 1.1911, 1.1986, 1.2051 and 1.2192.
However, depending on the outcome tomorrow, a healthy correction would be expected from within the support territory between 1.1910s and the 1.1870s.
On the downside, the 50% mean reversion level aligns at the 1.18 figure as well as the prior resistance which makes it a compelling level to watch.
4-hour chart
From a 4-hour perspective, 1.1850/60 needs to give first.
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