Technical Analysis: EURUSD bears firming up grip ahead of US NFP

EURUSD marked a corrective bounce after the news that US President Donald Trump tests positive for the coronavirus (COVID-19). However, the quote stays below 100-bar SMA and a falling trend line from September 01. As a result, sellers are less likely to relinquish their controls in targeting 1.1680 immediate support. During the quote's weakness past-1.1680, the September month's low near 1.1610, followed by the 1.1600 round-figure, becomes the key as a break of which can direct the bears towards the March month's high near 1.1500.

On the contrary, a 100-bar SMA level of 1.1765, adjacent to the 1.1780 level comprising the aforementioned resistance, can keep the pair's short-term upside restricted. Should buyers manage to return, also dominate past-1.1800, the September 10 high near 1.1915 will gain market attention. It should, however, be noted that the EURUSD bulls may remain cautious unless breaking the 1.2000 psychological magnet.

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