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Early in the American session, EUR/USD is trading at 1.0740. It is pulling back after reaching 1.0764 in the European session, the highest level in three days.
According to the 4-hour chart, we can see that the euro maintains the overall bullish trend since May 13, but could make a technical correction, due to the fact that it faces the resistance of 4/8 Murray, which is putting pressure on the pair.
As the US government employment report will be published shortly, we notice a pause in market volatility. Non-farm payrolls are expected to rise by 325,000 and the unemployment rate is expected to drop to 3.5%.
If the data is weaker than expected, we could see a quick reaction in the market to the upside and EUR/USD could reach the zone of 5/8 Murray around 1.0864, and from there it could start a bearish trend.
Conversely, if the actual data confirms the healthy US labor market, the currency pair could make a technical correction towards the 200 EMA around 1.0677 and from there it could resume its uptrend.
Any pullback in the euro will be considered a buying opportunity, only if it remains trading above the 200 EMA located at 1.0670.
On the condition of a sharp break and a close below the 200 EMA on the daily chart, we could expect an acceleration to the downside and the price could reach 3/8 Murray at 1.0620 and could even drop to 1.0498 (2/8 Murray).
The euro will continue its uptrend only if it manages to consolidate above 4/8 Murray located at 1.0742. The consolidation could take it towards the top of the uptrend channel around 1.0860.
Our trading plan for the next few hours is to buy the euro in case of a bounce off 1.0712 or 1.0677, with targets at 1.0742 and 1.0864.
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