- EUR/USD bears are back in charge, but support could be strong ahead of Non-Farm Payrolls.
- EUR/USD at 1.0980 is key today.
The bias remains to the downside, and bears could take advantage of a break below 1.1000 with an eye on 1.0950. However, if the bulls were to commit to the current support, the market could easily rally to 1.1050 as a key resistance zone protecting the recent highs near 1.1100:
EUR/USD gave back some of its gains overnight after the European Central Bank eased the pace of its rate hikes, allowing bears a free lunch from the top of the spike formation, as the following analysis will illustrate. technical:
1 hour chart
EUR/USD found resistance at a 38.2% Fibonacci and 50% mean reversion at the height of the correction after the decline from the ECB result.
The bias remains to the downside, and bears could take advantage of a break below 1.1000 and 1.0980, with an eye on 1.0950. However, if the bulls commit to the current support, the market could easily go as high as 1.1050 as a key resistance area protecting the recent highs near 1.1100:
15 minute chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
