The EUR/USD pair is holding steady above the 1.1100 level as investors await the release of the US Nonfarm Payrolls report. The recent recovery from a two-week low near 1.1075 is supported by technical indicators, suggesting further upside potential for the pair. Bulls are eyeing a break above the 50% Fibonacci retracement level to target the YTD peak around 1.1200.
On the downside, immediate support is seen near 1.1090, with a break below 1.1070 opening the door for a retest of the weekly low near 1.1025. A move below the key 1.1000 level could shift the bias in favor of bears.
Analysis and Conclusion
The EUR/USD pair is consolidating its recent gains as investors await the US Nonfarm Payrolls report. Technical indicators suggest a bullish outlook, with potential for further upside towards 1.1200. However, a break below key support levels could shift the bias in favor of bears. Traders should closely monitor the upcoming employment data for potential market volatility and trading opportunities.