6 Sep 2019
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.
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