The euro fell against the US dollar on Friday. By the close of US trading, EUR/USD was trading at 1.0591, losing 0.50%. I believe that support is now at 1.0581, the low of Friday's trading, and the resistance is likely at 1.0690 - the maximum of the Wednesday's trading.
The US NFP report today pushed the US dollar to donwards agains the major rivals and set the chances of an adance limited. EUR/USD remains within the well-known weekly range and finds difficulties to move above 1.0670 area.
The technical outlook for EUR/USD remains bearish. A breach of 1.0525 could lead the pair towards 1.0455 and 1.0390. Looking to the upside only break above the 100-DMA at 1.0630 might bring back bulls with aiming the psychological level at 1.0700.
With a breach of 1.0525 (Mar. 9 low), the pair could drop further towards 1.0455 (Jan. 11 low) and 1.0390 (Jan. 4 low). On the upside, a break above the 100-DMA at 1.0630 would aim for 1.0700 (psychological level) before 1.0735 (20-DMA).
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