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.