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EUR/USD holds above 50-day SMA as Fed expectations await NFP
EUR/USD was around 1.1534, down 0.15% on the day, with support near 1.1474 and resistance at the 100-day SMA around 1.1569.
EUR/USD is trading on the back foot on Thursday after snapping a two-day winning streak as the US dollar steadies, with the pair changing hands around 1.1534, down 0.15% on the day. Even so, the near-term technical setup remains mildly bullish following a late-July rebound from below 1.1400, according to FXStreet.
Traders are also looking ahead to the US nonfarm payrolls report scheduled for Friday, which could influence Federal Reserve interest-rate expectations and increase volatility in EUR/USD. FXStreet notes that Scotiabank said EUR fundamentals remain supportive and that the pair’s recovery has tracked the turn in yield spreads, while also warning that additional gains may require further shifts in the outlook for relative central bank policy or improved sentiment.
On the chart, EUR/USD is holding above the 50-day simple moving average at 1.1474, a level seen as near-term support. Upside progress is being tested by the 100-day SMA at 1.1569 and the 200-day SMA at 1.1629, with a stronger barrier noted at 1.1700.
For momentum, the relative strength index is around 61 and the MACD line remains in positive territory, suggesting buyers still have the upper hand while price stays above short-term trend support. FXStreet adds that a daily close above the 100-day SMA could open the way toward the 1.1629 to 1.1700 area, while a loss of the 1.1474 support zone would signal the bullish bias is weakening.
Latest closeEUR/USD 1.156 ▲0.4%