EUR/USD: Technical Analysis, US NFP in Focus
The Euro has been benefiting since the Fed rate hike and a slide in DXY across the board. With the US central bank increasing rates, the fears of recession continue to grow across the globe. This week can be crucial for the pair is at a crucial stage with daily resistance on the upper 1.02 levels. The focus would majorly be on the US NFP and PMI data that are due this week.Today the ISM Manufacturing Data came in positive but there were negative Construction Spending and Manufacturing prices data which posed mixed reactions among market participants.
Technically from the H1 chart the pair is progressing in an upward channel which is well supported by various moving averages. Currently the next target for bulls will be to reclaim the critical 1.03 resistance which could fuel a move upwards. But the pair has faced rejection many times during the past month from the 1.03 levels so a pullback cannot be rules out in this case. Further moves still highly depend on the NFP numbers due on Friday.