EUR/USD launches attack towards 1.1100, NFP in focus

The EUR/USD pair keeps its bearish momentum intact in early Europe, as the US dollar remains strongly bid versus most competitors, while investors shift their focus towards US non-farm payrolls data due later today.

EUR/USD moving further away from 100-DMA

Currently, EUR/USD trades -0.28% lower at t 1.1118, hovering within a striking distance of two-month lows struck at 1.1111 earlier on the day   . The main currency pair remains exposed to further downside risk as the US dollar is expected to extend its five-day winning streak following the release of the US NFP data. The US economy is expected to have added 172k new jobs in Sept versus 151k job addition last. Meanwhile, the USD index flirts with 97 handle, sitting at fresh three-month highs.

The downside in the major remains restricted, mainly driven by a sharp rally in the EUR/GBP cross to fresh 7-year highs, triggered by a 6% crash in the GBP/USD pair. Meanwhile, immediate focus remains on the German industrial production data due out.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.1150 (psychological levels). A break beyond the last, doors will open for a test of 1.1168 (100-DMA) and from there to 1.1200 (round figure). On the flip side, the immediate support is placed at 1.1100 (round figure) below which 1.1067 (Aug 9 low) and 1.1043 (Sept low) could be tested.