EUR/USD is trading above the 21 SMA and above the 200 EMA. We can see a recovery of EUR/USD after it has reached the low of 1.0720. The outlook could be positive for the euro if it manages to consolidate above 1.0803 in the coming days.
With a further bullish movement, the instrument could reach the top of the bearish trend channel around 1.0894, for which the euro should consolidate above 1.08. Then, any technical rebound will be seen as an opportunity to buy.
Once the level of 1.09 is exceeded, the outlook could be more positive for the euro and it could reach the psychological level of 1.10.
A drop below 1.08 could change the outlook for the euro and we could expect the bearish cycle to resume. Hence, EUR/USD could reach 1.0777 and finally, the key level at 1.0700.
The Nonfarm Payrolls will be released this Friday and could favor the Euro in case of poor employment data. As a result, the euro could rise to 1.0900. On the other hand, a figure above 212K that analysts expect could favor the US Dollar and as a result, could put downward pressure on the euro.
In the next hours, we can buy around 1.0803. In case there is a pullback, we can expect it to reach 1.0777. Both levels could be seen as a good buying opportunity.
