EUR (EURUSD) and NFP data

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EURUSD has been in uptrend since October 2023. After touching 1.1100 level, it is behaving as strong resistance area. This forex pair is most traded one in currency market. The 200 day moving average (SMA) is at 1.0845. If EURUSD has to make any downward move it need to cross below that level. The bearish trend will resume once it touches 1.0700. 

On the fundamental side US dollar has gained strength. US 10 year yield has moved an upside movement which resulted in the strength of the US Dollar. The US Dollar (DXY) has moved to three week high. It is in the range of 102.

In conclusion EURUSD is trying to find any direction. Traders should keep an eye on USD Index for any potential change. Though the sentiment is bearish FED decision will make significant impact on this forex pair.


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