EUR/USD technical analysis: Euro reversing intraday gains ahead of NFP on Friday

US Nonfarm Payrolls (NFP) on Friday will be newt on the investor’s radar.
The level to beat for sellers is at the 1.1041 and 1.1016 support levels.

Flavio Tosti Independent Analyst

EUR/USD daily chart

On the daily time-frame, the shared currency is trading in a bear trend below its main daily simple moving averages (DSMAs). This Thursday, the United States Non-Manufacturing PMI came in at 56.4 in August vs. 54 forecast. The news gave USD a boost, sending EUR/USD down from daily highs. The NFP in the United States (US) is the important news on Friday.

EUR/USD four-hour chart

EUR/USD erased its daily gains as the market is trading below the 100 and 200 SMAs. Bears broke below 1.1041 by a few pips. Sellers will likely try to drive the market down towards 1.1016 and 1.0964 support levels, according to the Technical Confluences Indicator.

EUR/USD 30-minute chart

EUR/USD is trading below the 1.1041 price level and the 50 SMAs, suggesting a potential resumption of the bear trend. Bulls will need to reclaim the 1.1040 and 1.1073 resistances if they intend to extend the recovery.

Additional key levels

EUR/USD

Overview
Today last price	1.1035
Today Daily Change	-0.0001
Today Daily Change %	-0.01
Today daily open	1.1036

Trends
Daily SMA20	1.1094
Daily SMA50	1.1167
Daily SMA100	1.1195
Daily SMA200	1.1272

Levels
Previous Daily High	1.104
Previous Daily Low	1.0969
Previous Weekly High	0
Previous Weekly Low	0
Previous Monthly High	1.1251
Previous Monthly Low	1.0962
Daily Fibonacci 38.2%	1.1012
Daily Fibonacci 61.8%	1.0996
Daily Pivot Point S1	1.099
Daily Pivot Point S2	1.0944
Daily Pivot Point S3	1.0919
Daily Pivot Point R1	1.1061
Daily Pivot Point R2	1.1086
Daily Pivot Point R3	1.1132

Author

Flavio Tosti

Independent Analyst

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