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


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  • 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

 

 

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