FX.co ★ Technical analysis of EUR/USD for July 07, 2023

The EUR/USD pair gathered bullish momentum and advanced to the 1.0924 area during the American trading hours on Friday. The US Dollar stays under persistent selling pressure following the disappointing Nonfarm Payrolls data, fuelling the pair's rally ahead of the weekend.

At short notice, weaker European economic growth undermines demand for the Euro. Moreover, united States employment figures indicate a persistently tight labor market. The EUR/USD pair aims to resume its long-term advance and finally beat 1.0973 resistance.

Right now, the EUR/USD pair trades below 1.0973 following Thursday's choppy action. An upbeat US jobs report could cause the pair to push lower. 1.0924 stays intact as the next key technical support.

Looking at the EURUSD's chart, we can see that the forex pair is currently traded at the rate of 1.0973 after yesterday's swing. Today, it is testing its resistance level at around 1.0973, and if it can pass that level then we could expect it to rise further towards the next resistance level which is located at around the rate of 1.1012.

On the other hand, if it fails to pass the level of 1.0924, then the rate should be expected to drop towards the support level at around 1.0836. Additionally, today; the US Nonfarm Payrolls and unemployment rate will be announced and will ultimately show the final direction of the forex pair for the day.

The EUR/USD pair staged a rebound in the late American session on Friday but failed to stabilize above 1.0973. June labor market data from the US could trigger the next big action in the pair ahead of the weekend.

The US Dollar gathered strength against its rivals and dragged the EUR/USD pair below 1.0973 following the upbeat data releases. The monthly ADP report showed an impressive increase of 500k in private sector payrolls in June, highlighting a pickup of growth momentum in the service sector business activity.

The trend is still bullish as long as the price of 1.0924 is not broken. Thereupon, it would be wise to buy above the price of at 1.0924 with the primary target at 1.0973. Then, the EUR/USD pair will continue towards the second target at 1.1012.