EUR/USD Bulls run out of steam? Or not?

FX:EURUSD   Euro / U.S. Dollar
EUR/USD on a Daily TF has hit multiple resistance targets. The price is currently using 23.6% Fibo as resistance and 1.11 as support – trading around 1.11045.

Investors and traders are waiting for a breakthrough on phase one trade deal between United States and China.

On Monday, the U.S. saw a decline in ISM Manufacturing PMI 48.1, on Wednesday ADP Non-farm Employment was reported at 67K instead of 140K forecast and ISM Non-Manufacturing Employment also declined 53.9. Yesterday, U.S. Initial Jobless Claims statistics were better than expected at 203K. To end the week, today we have the release of Nonfarm Payrolls and Unemployment rate at 12:30pm GMT .

There are mixed signals, for example on Monday ISM Non-Manufacturing Employment showed an increase. Non-Farm Payrolls are forecasted to show an increase in employment of 186K, although job increase is expected it is not clear if the employment grew this substantially. If we have a reading closer to 160K or below, this may trigger sell off volatility for the USD.

Indicators: 9EMA crossed 50 EMA up, Bullish MACD Histogram is growing, Parabolic SAR pointing up, RSI within range 60, Ichimoku Cloud bias bullish , yesterday the price used the top of Ichimoku Cloud and base line as support.

Resistance: R1 1.11285, R2 1.11660, R3 1.12
Support: S1 38.2% Fibo 1.10648, S2 50% Fibo 1.10293, S3 1.10


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