- The shared currency advances against the dollar, with an increase of 0.10%.
- The US dollar index, which measures the dollar’s performance against six rivals, lateralized at 96.16.
- EUR / USD: Slightly bearish, but needs a break below the 50 SMA to resume the move lower.
The EUR / USD pair rose modestly 0.10%, trading at 1.1309 during the American session at the time of writing. Market sentiment is pessimistic, reflected in the fall of the US stock indices, between 0.77% and 2.61%. Also, in the bond market, US bond yields are pointing lower. In contrast, the dollar remains sideways during the day, with the US dollar index at 96.16, unchanged.
The EUR / USD pair remained subdued during the overnight session, in a tight range between 1.1280-1.1307, before the release of the US Non-Farm Payrolls However, once the NFP was released, the pair oscillated around 1.1332-1.265, standing at 1.1300.
EUR / USD Price Forecast: Technical Outlook
The EUR / USD 4-hour chart shows that the pair has a bearish bias. While the 50 SMA (SMA) is below price, the 100 and 200 SMA reside above, confirming the above. The pair has been in the range between the 50-100 SMA at 1.1280-1.1315, with no clear direction, and as the American session ends, it appears that the EUR / USD would remain stuck in it.
With a breakout above the 100 SMA, the first trading zone would be the November 30 high at 1.1382. A breakout of the latter would open the way for a further rise, with 1.1400 as the next resistance, followed by the confluence of the 200 SMA and the November 15 high around the 1.1450-70 range.
On the other hand, a break below the 50 SMA would expose 1.1200, followed by the November 24 annual low at 1.1186.
Additional technical levels