The currency pair rises to 1.1562, its highest in seven weeks, as weaker US jobs data fuels Fed policy easing expectations.
EUR/USD climbed to 1.1562 on Friday, extending a rebound from late-July lows below 1.1400, as a softer US Dollar followed disappointing US Nonfarm Payrolls data. Traders reduced Federal Reserve rate-hike bets, supporting the pair’s near-term bullish outlook.
The 100-day Simple Moving Average at 1.1568 remains a key resistance level, with price action confined to a narrow range for over a week. Technical indicators, including a Relative Strength Index of 63 and a positive MACD, suggest buyers maintain control while the pair holds above the 50-day SMA at 1.1471.
Next week’s US Consumer Price Index report will test the recovery, with further resistance at the 200-day SMA (1.1629) and psychological levels at 1.1700 and 1.1800.