EUR/USD Price Analysis: Advocates further upside ahead of US NFP, 1.0930 is the key
- EUR/USD remains sluggish on Good Friday holiday, stays on the way to three-week uptrend.
- Sustained trading above the key support lines, 100-SMA keeps Euro buyers hopeful.
- US Nonfarm Payrolls (NFP) should match downbeat forecasts to push back sellers.
EUR/USD treads water around 1.0930 key upside hurdle during the Good Friday holiday morning in Europe. In doing so, the Euro pair remains well-set to post a three-week winning streak while trading successfully above the 100-SMA and the key support lines stretched from March. However, the market’s cautious mood ahead of the US Nonfarm Payrolls (NFP) seems to challenge the pair traders of late.
Also read: EUR/USD eyes fourth weekly gains above 1.0900 despite US Dollar’s bounce ahead of US NFP
Apart from the sustained trading beyond the 100-SMA and two support lines stretched from the last month, a mostly steady condition of the RSI (14) also suggests the continuation of the EUR/USD pair’s advances.
However, a clear break of the two-week-long horizontal hurdle surrounding 1.0930 becomes necessary for the EUR/USD bulls before challenging the latest peak of 1.0973.
Following that, a run-up towards the yearly high of around 1.1035 and then to the March 2022 high of near 1.1185 can’t be ruled out.
Alternatively, pullback moves may aim for a three-week-long support line, close to 1.0870, amid bearish MACD signals.
Even so, the ascending trend line from March 24 and the 100-SMA, near 1.0835 and 1.0810 in that order, can challenge the EUR/USD bears before giving them control.
EUR/USD: Four-hour chart
Trend: Further upside expected