- EUR / USD lacks directional bias, while most major European markets celebrate the weekend of Good Friday and Easter.
- The US dollar licks its wounds amid a sell-off in Treasury yields and record highs in Wall Street indices.
- Market sentiment remains bullish despite low volume due to Good Friday, as the focus shifts to the NFP report.
The pair EUR/USD moves within a narrow range of 15 pips below the 1.1800 level amid low trading volume due to the Good Friday holiday as markets await the release of US NFP data for further directional momentum.
The pair witnessed a solid 70 pip rally on Thursday as stronger-than-expected US ISM manufacturing PMI and infrastructure plan President Joe Biden sent Wall Street indices to record highs as Treasury yields fell.
The Market risk appetite sentiment combined with falling US yields weighed heavily on the dollar compared to major currencies. The market mood remains upbeat also amid encouraging reports from the euro zone manufacturing PMI.
Despite the EUR / USD rally from the four-month lows of 1.1704, the rise appears limited amid continuing concerns around covid in Europe and a slower vaccination rate.
The release of the US NFP non-farm payroll report will be the highlight of the day, as most major European markets remain closed due to Good Friday.
EUR / USD technical levels
“A clear break to the upside of 1.1810 is necessary to extend the pair’s move towards the 200-day SMA and the 61.8% Fibonacci retracement of the move from November 2020 to January 2021 to the upside, around 1.1880- 85. On the other hand, 1.1760 and the latest low near 1.1700 precede the support line of the chart pattern around 1.1685 to support the short-term decline in EUR / USD, ”explains Anil Panchal from FXStreet.
EUR / USD additional technical levels
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