- EUR/USD sellers bide time before the next downswing kicks in.
- Daily horizontal support line at 1.1524 is the last line of defense for EUR bulls.
- Solid Nonfarm payrolls could smash the pair towards the 1.1500 level.
EUR/USD is pressuring the downside while hovering around mid-1.1500s, as the sellers catch a breather before resuming the sell-off towards the yearly lows of 1.1524.
The US dollar index holds the recent advance amid a rebound in the Treasury yields across the curve, with the EUR/USD buyers still defending the bids near 1.1530.
A solid US Nonfarm Payrolls could help extend the dollar’s upsurge, which could knock down the major back to test the 2021 lows of 1.1524.
A sustained break below the latter could fuel a fresh drop towards the $1.1500 psychological level.
Further south, July 2020 levels around 1.1450 will test the bullish commitments.
The 14-Day Relative Strength Index (RSI) is flattening just beneath the midline, allowing room for more declines.
more to come …
EUR/USD: Daily chart
