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EUR/USD Price Analysis: Bulls want confirmation from 1.0650 and the US NFP to maintain control.

by Elena Martin   ·  March 10, 2023   ·  
For the second day, EUR/USD leads as buyers target the 100-HMA. 200-HMA challenge rebound from multi-day low under overbought RSI circumstances. Several peaks at 1.0690 and a confirmed break of the ascending triangle discourage buyers.

Although holding the fort early on Friday in anticipation of the US jobs data for February and a speech by European Central Bank (ECB) President Christine Lagarde, the pair bulls target the 100-Hour Moving Average (HMA) around 1.0600.

Also read: ECB’s Lagarde watched as mixed US data challenge Fed hawks as the pair bulls push 1.0600

The overbought circumstances of the RSI line, which is at 14, and the 100-HMA provide challenges for the pair buyers before important data or events.

Even if the quotation clears the 1.0600 barriers, the 200-HMA level north of 1.0610 may serve as an additional filter.

Above all, until the quotation falls below the bottom line of a one-week-old ascending triangle, the prior support area around 1.0650, the pair bears retain control.


The buyer should then focus on many peaks outlined around 1.0690–95 and the 1.0700 support level.

The last trough, which is at 1.0520, and the most recent swing low, respectively near 1.0530 and 1.0565, challenge the bears of the EUR/USD pair.

It should be noted that the 1.0500 round figure will need to support the pair’s continuous trading below the 1.0520 level to persuade the EUR/USD sellers.

Speaking of fundamentals, the problems with inflation and Jerome Powell’s aggressive speech from the Fed Chair appear to keep EUR/USD sellers optimistic. Still, confirmation from today’s US Nonfarm Payrolls (NFP) is required.

Hourly chart for EUR/USD

Source: FX Street

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