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EUR/USD technical analysis: Euro ends the week near 1.1100 on US Dollar weakness

|ByFlavio Tosti

  • EUR/USD ended the day near its daily highs as the greenback loses steam across the board.
  • Earlier, the NFP revealed that the United States added 144K jobs in July as forecast by analysts while wages came in better-than-expected at 3.2% vs. 3.1% forecast.
  • The level to beat for bulls are seen at the 1.1117, 1.1130 and 1.1147 levels.
 
 

EUR/USD daily chart

 
EUR/USD is trading in a bear trend below its main daily simple moving averages (DSMAs). The US Nonfarm Payrolls came as anticipated at 144K in July while the wages came better-than-expected at 3.2% vs. 3.1%. EUR/USD was initially down on the news, but it has since then recovered posting a second consecutive daily gain. 
 

EUR/USD 4-hour chart

 
EUR/USD is trading below its major simple moving averages (SMAs), suggesting bearish momentum in the medium term. However bears will need to reclaim the 1.1100 level to drive to market down towards 1.1080, 1.1067, 1.1050 and the 1.1030 level, according to the Technical Confluences Indicator.
 

EUR/USD 30-minute chart

 
The market rose to the 1.1117 resistance while challenging the 200 SMA, suggesting a correction up in the near term. Buyers need to break above 1.1117 to reach 1.1130, 1.1147 and potentially 1.1176 if the bulls gather enough steam. 
 

Additional key levels

 

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