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Denis Sergienko • 2020-07-02

Technical Analysis: EURUSD aims for key short-term resistances ahead of US NFP

Technical Analysis: EURUSD aims for key short-term resistances ahead of US NFP

EURUSD stretches the previous day's gains while confronting the 21-day SMA on early Thursday. The pair traders await monthly US employment data, surprisingly up for publishing today, for immediate direction. However, sustained trading beyond 61.8% Fibonacci retracement keeps the buyers hopeful despite upbeat market consensus. As a result, a clear break of 21-day SMA, at 1.1270 now, will push the quote towards a three-week-old resistance line, at 1.1300 now. Though, any further upside past-1.1300 will clear the path for the rally towards June month's high near $1.1420.

On the contrary, 1.1200 might offer immediate support ahead of 61.8% Fibonacci retracement, at 1.1165. Also acting as the key support will be the March month's top near 1.1145. However, the bear's dominance past-1.1145 could attack a 50% Fibonacci retracement level of 1.1060 in search of the May 01 high of 1.1018.

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