EUR/USD – Technical Analysis (H1)
EUR/USD is testing critical medium-term trendline support at 1.1515–1.1520 ahead of today’s Non-Farm Payrolls release. A break lower would end the uptrend and open the path toward 1.1400.
The pair is currently resting on critically important support from the medium-term trendline (1.1515–1.1520 zone). A decisive break below this level would officially terminate the uptrend and open the door for a sharp decline toward 1.1470 and subsequently 1.1400. That said, today’s release of the highly volatile Non-Farm Payrolls (NFP) data keeps the near-term outcome highly uncertain.
Key Levels:
□ Critical support: 1.1515–1.1520
□ Downside targets: 1.1470 / 1.1400
□ Upside target: 1.1580–1.1600
Primary Scenario:
Range-bound action until the news release, followed by a decline toward 1.1400.
Alternative Scenario:
Rally after the NFP release toward a new high in the 1.1580–1.1600 area.
Analyst Commentary:
Sessions such as today (the first Friday of the calendar month) tend to be the most volatile of the entire month. Exercise caution.
Nikolai Krishtopov is a Market Analyst at Investizo with more than 15 years of experience in the financial markets industry and over a decade of trading experience. His areas of focus include forex and crypto markets, technical analysis, intraday trading and market behaviour.