Technical Analysis: Rising wedge on 4-hour chart lures EURUSD sellers on NFP day
With the recent pullback in the US dollar, EURUSD seems to fade the upside momentum near multi-day high ahead of the key US employment data. As a result, traders will keep eyes on the bearish chart formation for further direction. Should the quote fails to stay past-1.1780 support line, 1.1600 may offer an intermediate halt before dragging the pair to a 200-bar SMA level of 1.1470. Additionally, March month's top near 1.1500 can act as an extra barrier for the bears to watch.
On the upside, 1.1900 and the short-term resistance line near 1.1920 can act as adjacent halt should the buyers ignore RSI conditions. In a case where the bulls stay strong beyond 1.1920, the 1.2000 threshold and March 2018 low near 1.2155 will be on their radars. It should be noted that the bearish chart pattern is in contrast to the fundamentals suggesting a weaker print of the US NFP and no decision over the much-awaited American stimulus.