The EURUSD currency pair, currently trading at 1.09544, is receiving increased buying interest as it continues its recovery from the previous day’s bounce off the 100-day moving average. However, the expert view is that there is a limit to the potential gains in the near future.

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• EUR/USD picks up bids to extend the previous day’s rebound from 100-SMA.

The pair currently trades last at 1.09544.

The previous day high was 1.0963 while the previous day low was 1.0912. The daily 38.2% Fib levels comes at 1.0944, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0932, expected to provide support.

EUR/USD clings to mild gains around 1.0960 as traders in Europe brace for a volatile Friday filled with multiple top-tier data/events. While preparing for the key catalysts, the Euro pair defends the previous day’s recovery from the 100-SMA as it struggles to overcome the one-month low.

Among the front-line data, Germany’s Factory Orders and Eurozone Retail Sales for June will offer immediate directions ahead of the US employment report for July. That said, headline Nonfarm Payrolls (NFP) bears downbeat market forecasts, likely softening to 200K versus 209K prior. Further, the Unemployment Rate is likely to remain static at 3.6%.

Also read: EUR/USD: Strong yields prod Euro optimists near 1.0950, Eurozone Retail Sales, US NFP eyed

Technically, a convergence of the previous support line stretched from May 31 joins 38.2% Fibonacci retracement of March-July upside to highlight 1.0980 as an important challenge for the EUR/USD buyers.

Following that, the 1.1000 round figure and the 21-SMA surrounding 1.1075 can prod the EUR/USD bulls before giving them control.

On the flip side, a daily closing beneath the 100-SMA level of 1.0920 becomes necessary to recall the Euro bears.

In that case, the 50% Fibonacci retracement level and July’s low, respectively near 1.0900 and 1.0830, will check the downside bias ahead of the all-important 61.8% Fibonacci retracement level of 1.0800, also known as the golden Fibonacci ratio.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0955 at the time of writing. Pair opened at 1.0949 and is trading with a change of 0.05% % .

The pair is trading below its 20 Daily moving average @ 1.1077, above its 50 Daily moving average @ 1.0931 , above its 100 Daily moving average @ 1.0917 and above its 200 Daily moving average @ 1.0739

The previous day high was 1.0963 while the previous day low was 1.0912. The daily 38.2% Fib levels comes at 1.0944, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0932, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.092, 1.0891, 1.0869
• Pivot resistance is noted at 1.097, 1.0992, 1.1021

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