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2021 low at 1.1524 appears to be at risk ahead of NFP

  • EUR / USD sellers pause before the next drop.
  • The horizontal support line at 1.1524 is the last line of defense for the EUR bulls.
  • Strong NFP Non-Farm Payrolls could push EUR / USD towards the 1.1500 level.

EUR / USD remains under pressure around the 1.1550 region, as sellers pause before resuming their slide towards the yearly lows of 1.1524.

The US Dollar DXY index maintains the recent advance amid a rally in Treasury yields along the curve, with EUR / USD buyers still defending the 1.1530 region.

A strong US Non-Farm NFP Payrolls could help extend the dollar’s rally, potentially bringing EUR / USD down to test the 2021 lows of 1.1524.

A sustained break below this level could fuel a further decline towards the 1.1500 psychological level.

Lower down, the July 2020 levels around 1.1450 will test the bulls’ commitment.

The 14-day RSI is flattening out just below the midline, allowing room for more declines.

EUR / USD daily chart

On the other hand, any upside attempt will need acceptance above the 21-day horizontal moving average at 1.1598 to initiate a significant recovery.

Higher up, buyers would target the 50 SMA at 1.1678 before challenging the 1.1650 hurdle.

EUR / USD additional levels

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