EUR/USD is going through impulsive bearish pressure since the bounce off the 1.0850. USD was weighed down by a weak non-farm employment change at 98k which was expected to be at 174k, which pushed the US currency down, but a lower unemployment rate of 4.5% which was expected to be unchanged at 4.7% helped the greenback to maintain the strong momentum against EUR. Today on the EUR's side, we had positive Italian Industrial Production at 1.0% which was expected to be at 0.4% and Sentix Investor Confidence Report at 23.9 which was expected to be at 20.1. The positive reports on the EUR's front made the market today ease the USD momentum a bit. However, upcoming USD Labor Market Condition index report and FED Chair Yellen's speech may bring in some volatility in this pair.
Now let us look at the pair from the technical viewpoint. The pair has found intraday support at 1.0570 and is currently showing some bearish rejection along the way. Amid the positive EUR reports today, USD could not push the price much downward below the support area. The price is expected to show some bullish moves towards dynamic resistance of 20 EMA. If we see a break above 20 EMA, we can expect a further bullish move towards 1.0630-40 resistance area. A daily close below 1.0570 will lead to further downward move negating the current bullish situation.
