After the big 70-pips jump during yesterday’s session, bulls seems to have taken a break during the Asian session of this Friday, with the EUR/USD cross which is now flat looking at the Non-Farm Payrolls, a very important event for the American market.
At the time of writing the EUR/USD cross is trading just below 1.1200, making it difficult to break the 1.1205 level. The movement seems perfectly lateral, with investors that prefer to keep calm waiting for new crucial data, which i think will move the Greenback price.
During Thursday’s trading session, in the meantime of the disclosure of worse than expected data on the ISM Manufacturing PMI index, the Us Dollar rebounded from the 1.1130 level to the actual level. Those data have done nothing but cancel the optimism on the rate hike bets in the short term, bringing back a climate of tension on the market.
Another very important data for today’s session is the unemployment rate, expected down to 4,8% from the previous 4,9% which could move the EUR/USD a little.
From a technical point of view, looking at the chart you can see the first immediate resistance in correspondence of the 10-DMA at 1.1214, broken which the pair could have open road to the 1.1300 level.
On the flip side, the first significant support is seen at 1.1184, which is the 100-DMA level.