EUR/USD Consolidates Near 1.0890 Ahead of US Employment Report and ECB Speech

The EUR/USD currency pair remains stagnant as it reflects the cautious sentiment prevailing in the market ahead of the US employment report for June and a speech by European Central Bank (ECB) President Christine Lagarde. Despite the pair’s struggle to defend the short-term key support line following a recent U-turn, there are positive signs for potential buyers, including a successful rebound from the rising support line, bullish MACD signals, and a stronger RSI (14) line.

However, the immediate upside of the EUR/USD pair is limited by the 50-day simple moving average (SMA) around 1.0900. Furthermore, the bears face a resistance line sloping downwards from late June, with the latest obstacle near 1.0910.

In the event that Euro buyers manage to maintain control above 1.0910, there is a possibility of witnessing a new yearly high around 1.1015.