EUR/USD Bulls Eye 100-Hour Moving Average Ahead of US Employment Report and ECB President’s Speech

Before the release of the US February employment report and a speech from ECB President Christine Lagarde, EUR/USD bulls are currently assaulting the 100-hour Moving Average (HMA) at approximately 1.0600 for the second day in a row.

However, the 200-day moving average (HMA) level near 1.0610 and an overbought RSI line may present a problem for purchasers. Unless the price of the pair moves above 1.0650, where it has found support over the past week, the bears will retain control of the situation. Around the beginning of the month, the EUR/USD bottomed out around 1.0565, and the bears will face resistance near the swing low in February around 1.0530 and the recent trough around 1.0520.

In order to convince sellers, a sustained trading below 1.0520 needs confirmation from the 1.0500 round number. Bears seem to be holding out hope despite inflation worries and Fed Chair Jerome Powell’s hawkish statement, but confirmation from today’s US Nonfarm Payrolls (NFP) is crucial.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
Related Articles
Comments
0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

HFM

Doo Prime

XM

Best Forex Brokers