EUR/USD Price Analysis: Offers seem possible amid lack of strength in recovery near 1.0600


  • EUR/USD is facing selling pressure in extending its recovery above the supply zone placed in a range of 1.0577-1.0589.
  • An absence of strength in the recovery move from EUR/USD has kept the room open for bears.
  • The RSI (14) is struggling to sustain in the bullish range of 60.00-80.00.

The EUR/USD pair has scaled above 1.0580 in the early Tokyo session despite a lack of strength in the recovery move. It seems that investors are putting less focus on building positions as the release of the United States Nonfarm payrolls (NFP) (Feb) data will provide more clarity on further guidance.

According to the estimates, the United States economy has added fresh 205K jobs, lower than the mega addition of 514K payrolls in January. The Unemployment Rate is expected to remain steady at 3.4%. The catalyst that might grab major attention is the Average Hourly Earnings data. Firms are offering higher payouts to hire fresh talent amid an extreme shortage of labor. And higher payouts are forcing households to stretch their spending, which is ultimately fueling the US Consumer Price Index (CPI). The economic data is seen higher at 4.7% vs. the former release of 4.4%.

The US Dollar Index (DXY) is oscillating above 105.20 after a gradual correction. A release of an upbeat US NFP gamut might strengthen US Dollar bulls further.

EUR/USD is facing selling pressure in extending its recovery above the supply zone in a range of 1.0577-1.0589 on an hourly scale. The 100-period Exponential Moving Average (EMA) at 1.0585 also acts as a barricade for the Euro.

Meanwhile, the Relative Strength Index (RSI) (14) is struggling to sustain in the bullish range of 60.00-80.00. An absence of strength in the RSI (14) could result in exhaustion in the uptrend.

A break below March 01 low at 1.0565 might drag the major currency pair toward March 08 low at 1.0524. A slippage below the same will drag the asset further toward the psychological support at 1.0500.

On the flip side, a decisive move above the round-level resistance at 1.0600 will drive the asset toward February 28 high at 1.0645. A breach above the latter will expose the asset to March 01 high at 1.0691.

EUR/USD hourly chart

EUR/USD

Overview
Today last price 1.0583
Today Daily Change 0.0035
Today Daily Change % 0.33
Today daily open 1.0548
 
Trends
Daily SMA20 1.0644
Daily SMA50 1.0725
Daily SMA100 1.0519
Daily SMA200 1.0327
 
Levels
Previous Daily High 1.0574
Previous Daily Low 1.0524
Previous Weekly High 1.0692
Previous Weekly Low 1.0533
Previous Monthly High 1.1033
Previous Monthly Low 1.0533
Daily Fibonacci 38.2% 1.0543
Daily Fibonacci 61.8% 1.0555
Daily Pivot Point S1 1.0523
Daily Pivot Point S2 1.0499
Daily Pivot Point S3 1.0474
Daily Pivot Point R1 1.0573
Daily Pivot Point R2 1.0598
Daily Pivot Point R3 1.0622

 

 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD retreats below 1.0850 after upbeat US PMI data

EUR/USD retreats below 1.0850 after upbeat US PMI data

EUR/USD lost its traction and declined below 1.0850 in the American session on Thursday. Upbeat PMI data from the US, combined with the mixed action seen in Wall Street's main indexes, helps the US Dollar gather strength and weighs on the pair.

EUR/USD News

GBP/USD falls toward 1.2700 as USD benefits from PMI data

GBP/USD falls toward 1.2700 as USD benefits from PMI data

GBP/USD came under modest bearish pressure and declined toward 1.2700 in the second half of the day on Thursday. The US Dollar (USD) benefits from the PMI data, which showed an ongoing expansion in the private sector at an accelerating pace, and weighs on the pair.

GBP/USD News

Gold extends slide below $2,350 as US yields push higher

Gold extends slide below $2,350 as US yields push higher

Gold stays on the back foot and trades at its lowest level in over a week below $2,350. The benchmark 10-year US Treasury bond yield rises more than 1% following the stronger-than-forecast PMI data from the US, forcing XAU/USD to stretch lower.

Gold News

As Ethereum spot ETF approval nears, these altcoins could explode

As Ethereum spot ETF approval nears, these altcoins could explode

It is not surprising that altcoins related to Bitcoin saw a major rally post-Bitcoin spot ETF approval. Likewise, tokens closely related to Ether could ride the ETF approval wave. Ethereum Classic, Pepe, Floki and other DeFi tokens could gain momentum as the ETH ETF approval deadline nears. 

Read more

US S&P Global PMIs Preview: Economic expansion set to persist in May

US S&P Global PMIs Preview: Economic expansion set to persist in May

On Thursday, S&P Global will issue its flash estimates of the United States (US) Purchasing Managers Indexes (PMIs), a monthly survey of business activity. The survey is separated into services and manufacturing output and aggregated into a single statistic, the Composite PMI.

Read more

Forex MAJORS

Cryptocurrencies

Signatures