Eurusd Marches Upward

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Eurusd Marches Upward

Eur/Usd Marches To 1.0900 Ahead Of Nfp Report

EUR/USD is slowly inching towards the 1.0900 resistance zone during the early hours of Friday. From the looks of it, the greenback is still looking for meaningful momentum in favour of the Euro.

That's why the current mood of the EUR/USD is bullish, as we are only a few hours away from the release of the US NFP report.

1.0779 Support Remains Relevant

If the NFP favours the US Dollar, it will provide the upper hand to the EUR/USD sellers & and will likely send the pair towards 1.0779 (low from 1 Feb). This area is essential as the 100 SMA (daily) is also present here. Next is the 1.0723 support, which is the lowest from 8 Dec.

Although all these support levels are relevant, they must be more substantial. Amidst this background, experts believe that the EUR/USD may fall towards 1.0495, which will serve as significant support. After this level, 1.0448 will be necessary, followed by 1.0400.

However, the bearish play will only appear in the EUR/USD if it crosses the 200 SMA on the daily chart (1.0839).

And if we look at the bullish scenario, the nearest resistance is 1.0932, which also happens to be a weekly high. After that, the experts point out the 1.0998 area, followed by the 1.1100 handle.

If the bullish momentum is sustained and the EUR/USD even crosses the 1.1100 handle, the next stop for the EURO bulls will be 1.1139.

look at the 4-hr chart of EUR/USD shows that the bearish trend is still intact, as even the MACD shows a negative trend. However, the RSI, currently near 48, shows signs of a bullish awakening.

However, any bullish setups mentioned above can be invalid after the NFP report. After all, the Fed will be closely watching the labour market's health to decide whether May is a good month for the first rate cut.

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