EUR/USD Price Analysis: Grinds below 1.1030 upside hurdle with eyes on US NFP

EUR/USD retreats from intraday high after snapping two-day uptrend.
Multiple technical indicators challenge immediate moves amid pre-NFP anxiety.
Looming bull cross on MACD, downbeat US data forecasts keep Euro buyers hopeful.

Anil Panchal FXStreet

EUR/USD eases from the intraday high even as it pares the previous day’s losses near 1.1020 during the mid-Asian session on Friday. In doing so, the Euro pair portrays the typical pre-NFP anxiety as multiple technical indicators restrict immediate moves.

Also read: EUR/USD stays pressured around 1.1000 after Fed, ECB plays, US NFP eyed

That said, a convergence of the ascending trend line from Tuesday and the 100-bar Exponential Moving Average (EMA), around 1.1010, restricts the immediate downside of the EUR/USD pair amid steady RSI and an impending bull cross on the MACD.

The likely rebound, however, needs to cross the 200-EMA hurdle of around 1.1025 to convince intraday buyers. Even so, a fortnight-old horizontal resistance area surrounding 1.1030-35 appears a tough nut to crack for the EUR/USD bulls.

It’s worth noting that an upward-sloping resistance line from mid-April, close to 1.1095, quickly followed by the 1.1100 round figure, could restrict short-term further upside of the Euro pair past 1.1035.

Meanwhile, pullback moves need not only conquer the 1.1010 support confluence but also the 1.1000 round figure to convince EUR/USD sellers.

Following that, multiple supports near 1.0980 and 1.0940 can challenge the Euro bears before directing them to the previous monthly low of around 1.0790.

EUR/USD: Hourly chart

Trend: Recovery expected

Additional important levels

Overview
Today last price	1.102
Today Daily Change	0.0007
Today Daily Change %	0.06%
Today daily open	1.1013

Trends
Daily SMA20	1.0984
Daily SMA50	1.0829
Daily SMA100	1.0778
Daily SMA200	1.043

Levels
Previous Daily High	1.1092
Previous Daily Low	1.0986
Previous Weekly High	1.1095
Previous Weekly Low	1.0962
Previous Monthly High	1.1095
Previous Monthly Low	1.0788
Daily Fibonacci 38.2%	1.1026
Daily Fibonacci 61.8%	1.1051
Daily Pivot Point S1	1.0969
Daily Pivot Point S2	1.0925
Daily Pivot Point S3	1.0863
Daily Pivot Point R1	1.1074
Daily Pivot Point R2	1.1136
Daily Pivot Point R3	1.118

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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