01.04.202216:48 Forex Analysis & Reviews: EUR/USD forecast on 1st April

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EUR/USD is trading under modest bearish pressure and remains near the mid-1.1000s on Friday. The data from the US showed the increase in Nonfarm Payrolls was less than expected in March but average hoursly earnings continued to rise. The US Dollar Index holds in positive territory ahead of the weekend.

EUR/USD is trading below the 200-period SMA on the four-hour chart after managing to hold above that line mid-week. On the downside, 1.1040 (Fibonacci 50% retracement of the latest downtrend) aligns as the first support before 1.1020 (100-period SMA) and 1.1000 (psychological level, Fibonacci 38.2% retracement).

On the flip side, EUR/USD faces immediate resistance at 1.1080 (Fibonacci 61.8% retracement) before 1.1100 (psychological level, 200-period SMA). With a four-hour close above the latter, buyers could show interest in the shared currency and the near-term technical outlook could turn bullish. In that case, the pair could target 1.1160 (static level).

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