There is a slight increase in people buying EURUSD at a rate of 1.09593 for the second day in a row, but there is not a strong belief in a significant price rise.

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• EUR/USD attracts some buying for the second straight day, though lacks bullish conviction.

The pair currently trades last at 1.09593.

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.

The EUR/USD pair edges higher for the second straight day on Friday and looks to build on the overnight bounce from the vicinity of the 1.0900 mark, or its lowest level since July 7. Spot prices currently trade just above mid-1.0900s, up over 0.10% for the day, and draw support from subdued US Dollar (USD) demand.

In fact, the USD Index (DXY), which tracks the Greenback against a basket of currencies, remains on the defensive below a four-week high touched on Thursday amid some profit-taking ahead of the crucial US monthly employment details. The popularly known NFP report is due for release later this Friday and influence market expectations about the Federal Reserve’s (Fed) future rate-hike path. This, in turn, will play a key role in driving demand for the buck in the near term and help investors to determine the next leg of a directional move for the EUR/USD pair.

In the meantime, a generally positive tone around the US equity futures is seen undermining the safe-haven Greenback. That said, the prospects for further policy tightening by the US central bank should help limit any meaningful corrective decline. In fact, the incoming US macro data points to an extremely resilient economy and lifts expectations that Fed will have enough headroom to raise interest rates further. This keeps the yield on the benchmark 10-year US government bond elevated near its highest level since late October 2022 and should act as a tailwind for the USD.

Apart from this, speculations that the European Central Bank (ECB) may finally pause its historic hiking campaign soon, along with looming recession risks, might hold back traders from placing aggressive bullish bets around the shared currency. This might further contribute to keeping a lid on the EUR/USD pair. Hence, it will be prudent to wait for strong follow-through buying before confirming that the recent pullback from a 17-month peak set in July has run its course. Nevertheless, spot prices, for now, have managed to defend the 100-day Simple Moving Average (SMA).

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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