Technical Analysis: EURUSD remains weak before key US employment/PMI data
In addition to a descending trend line from March 09, the weekly falling resistance line also portrays the EURUSD pair's weakness ahead of the key US NFP and ISM Non-Manufacturing PMI data. While March month employment data from the US continues to occupy the front row, the ISM gauge will also be the key due to the survey's nearness to the US coronavirus spread and lockdown dates. The pair currently drops below 23.6% Fibonacci retracement, targeting 1.0750 during further declines. However, oversold RSI could stop the bears then after, if not then March month low near 1.0640/35 will return to the charts.
If prices reverse post-data, backed by upbeat readings, the aforementioned trendlines near 1.0930 and 1.1050 could keep buyers in check. Though, sustained trading beyond 1.01050 will accelerate the recovery moves to 61.8% Fibonacci retracement level of 1.1170.