- EUR/USD flirts with 200-HMA, picking up bids of late.
- Upbeat Momentum line, sustained breakout of short-term falling trend line keep buyers hopeful.
- 1.2000 threshold, monthly low adds to the downside filters.
EUR/USD stays firmer around 1.2065-70 amid Friday’s Asian session. In doing so, the quote seesaws near 200-HMA while keeping the previous day’s upside break of a one-week-old falling trend line amid upbeat Momentum.
Hence, EUR/USD bulls have all they need to cross the immediate resistance line around 1.2070 while trying to meet the 1.2100 round figure.
However, the pair’s upside past 1.2100 depends upon how well it can conquer the previous month’s top near 1.2150 as well as the monthly Nonfarm Payrolls (NFP) from the US.
Read: US April Nonfarm Payrolls Preview: Leading indicators point to another strong NFP
On the contrary, pullback moves may revisit 1.2050 and 1.2030 levels before testing the previous resistance line from April 29 around 1.2010.
Also acting as the supports are the 1.2000 threshold and the monthly low near 1.1985.
To sum up, EUR/USD is well directed to the north but cautious sentiment ahead of the US jobs report seems to test the bulls.
EUR/USD hourly chart
Trend: Bullish