EUR/USD buyers are attempting a break to the upside
Price is looking for a move back above the 1.1100 handle but sellers are leaning on the 100-hour MA (red line) @ 1.1113 to prevent a further break for the time being.
Buyers have been knocking on the door of a move higher since overnight trading but failed to build conviction above the 50.0 retracement level @ 1.1095 until now.
I don’t see much reason for a sustained move higher besides some technical correction so let’s see if US non-farm payrolls will offer something for buyers to build on this move.
Further near-term resistance is seen closer to the 200-hour MA (blue line) @ 1.1129 and only if buyers break above that I’d be more convinced of a further retracement to the upside.
Looking at the bigger picture, we can see that the bounce in EUR/USD is coming after sellers are failing to secure a daily break below the recent trendline support. That will be the next key level for sellers to break below in order to solidify a further downside move.