Technical Analysis: EURUSD struggles to remain beyond 61.8% Fibonacci on NFP day
Despite staying beyond 200-bar SMA, EURUSD repeatedly fails to hold onto gains above 61.8% Fibonacci retracement of October-November declines. As a result, buyers should be sceptical of major longs. Also raising doubts are upbeat forecasts for today's US NFP data that are in contrast to the early signals. As a result, pair's dip below late-November top surrounding 1.1095 could recall 200-bar SMA level of 1.1070. However, pair's further downpour will shift sellers' focus on to 23.6% Fibonacci retracement level around 1.1030.
Meanwhile, disappointment from the data could propel the quote well beyond the key Fibonacci retracement level near 1.1060. With this, buyers could aim for 1.1130 and October month high near 1.1180 during further upside.