EUR/USD 'Bullish' All Week Until NFP Appears


The United States (US) NFP employment report published in the last session last week had an impact on the movement of the US dollar as expected.

Examining the report which is the focus of the Federal Reserve (Fed), the increase in employment in February was good compared to the forecast figures.

However, what is worrisome is that the unemployment rate jumped high compared to the forecast to remain the same as the previous month, and the average income also recorded a slow figure reading.

The US dollar weakened significantly in the initial reaction to the publication of the report, but heading into the close of the New York session, the king of currencies recovered slightly.

Investors examine price movements on the chart of the EUR/USD currency pair which displayed a bullish pattern over the past week.

After successfully jumping from the 1.09000 zone, the price rose again to reach the height of 1.09800 last Friday.

However, after the reaction to the NFP data subsided, the price retreated slightly before leveling off and closing trading around the 1.09400 level.

Price movement remained slow around that at the opening of trading earlier this week, but investors remain bullish on the trend where prices are still above the Moving Average 50 (MA50) support line on the 1-hour time frame on the EUR/USD chart.

If the price increase continues today, the concentration level at 1.10000 can be reached after the price overcomes last week's level.

If there is no change in the current trend, the price can cross the 1.10000 level to continue the climb towards the next level around 1.11000.

On the other hand, if the price direction starts to change, a drop below the MA50 support line will trigger an early signal for a bearish trend to begin.

The 1.09000 zone will be the closest focus to be tested before the lower decline if continued is expected to reach the 1.08000 zone again.