EUR/USD has regained its traction and climbed above 1.1150 during the American trading hours on Wednesday. Despite the souring market mood, the dollar stays under selling pressure amid falling yields. The latest data from the US showed healthy growth in private sector employment in March.
The EUR/USD pair trades at around 1.1120, down from the mentioned high but holding on to most of its weekly gains. The daily chart hints at persistent bullish strength, as the pair remains above a now flat 20 SMA, while technical indicators maintain their upward slopes within positive levels.
The 4-hour chart shows that technical indicators have eased from near overbought readings but also that they remain well above their midlines, while a mildly bearish 200 SMA provides support. The shorter moving averages have advanced, reflecting the dominant bullish trend. A break below 1.1070, Fibonacci support, should spook buyers.
Support levels: 1.1115 1.1070 1.1020
Resistance levels: 1.1150 1.1190 1.1230
