EUR/USD – Bulls maintain their hold and continue to challenge key resistance levels; traders look to US labor data for new insights

The Euro maintains a firm stance, marking its third consecutive day of gains and putting pressure on key resistance at the 1.0750 zone (50% retracement of the 1.0885/1.0601 range and daily Kijun-sen).

A decisive break above this level would generate a fresh bullish signal, extending the upward movement from 1.0601 (April 16), where the larger downtrend was supported by a double Fibonacci support (38.2% of 0.9535/1.1275 and 76.4% of 1.0448/1.1139).

The daily chart shows an improving technical picture, with positive momentum strengthening and the 10-day and 20-day moving averages poised to form a bullish cross. However, repeated failure at the 1.0750 zone could stall the recovery and leave the downside vulnerable.

The near-term bias is expected to favor the bulls as long as the price remains above 1.0700 (psychological level and converged 10-day/20-day moving averages). A break below this level would weaken the near-term structure.

Traders are closely watching the release of US jobs data. Forecasts suggest the US labor market will remain strong, aligning with the Fed’s current stance on maintaining interest rates, which could offer additional support to the dollar.

Res: 1.0753; 1.0776; 1.0796; 1.0838

Sup: 1.0721; 1.0700; 1.0649; 1.0601