The Euro to US Dollar exchange rate, currently at 1.08980, is attempting to reestablish the nearby barrier at 1.0900 following a decrease in the value of the US Dollar.

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• EUR/USD is looking to recapture the immediate resistance of 1.0900 amid a decline in the US Dollar.

The pair currently trades last at 1.08980.

The previous day high was 1.0901 while the previous day low was 1.0834. The daily 38.2% Fib levels comes at 1.0875, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0859, expected to provide support.

The EUR/USD pair is gathering strength to recapture the round-level resistance of 1.0900 in the early European session. The major currency pair has picked strength as the US Dollar Index (DXY) is facing immense pressure despite stellar chances of 25 basis points (bps) interest rate hike in July by the Federal Reserve (Fed).

S&P500 futures are extended losses in the Asian session. US equities also faced immense selling pressure on Thursday as far better-than-anticipated employment additions in June propelled hopes of more interest rate hikes from the Fed.

The US Dollar Index (DXY) has extended its correction to near 103.05 despite fears of further policy-tightening have electrified. The US labor market is not in the mood to release some heat in spite of higher interest rates and tight credit conditions by the commercial banks.

Going forward, the investing community will focus on the US Nonfarm Payrolls (NFP) data. As per the consensus, the US labor market was added with 225K vs. the former release of 339K. The Unemployment Rate is expected to drop to 3.6% against the prior release of 3.7%.

On the Eurozone front, German monthly Industrial Production has contracted by 0.2% while the street was anticipating a mild expansion of 0.1%. On Thursday, German Factory Orders were upbeat, which indicates that the manufacturing sector could recover ahead.

Meanwhile, hopes for more interest rates from European Central Bank (ECB) President Christine Lagarde are strengthening as inflationary pressures in the old continent are still stubborn.

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0888 at the time of writing. Pair opened at 1.0888 and is trading with a change of 0.0 % .

The pair is trading below its 20 Daily moving average @ 1.0889, above its 50 Daily moving average @ 1.086 , above its 100 Daily moving average @ 1.0826 and above its 200 Daily moving average @ 1.0615

The previous day high was 1.0901 while the previous day low was 1.0834. The daily 38.2% Fib levels comes at 1.0875, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0859, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0847, 1.0807, 1.078
• Pivot resistance is noted at 1.0914, 1.0941, 1.0981

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