- The downside pressure remains high after failing to make a new higher high.
- A new lower low activates more declines.
- Positive US data should lift the greenback.
The EUR/USD price lost its shine again on Friday. The pair is at 1.0913 at the time of writing. Fundamentally, the US dollar received a helping hand from upbeat US data in the last session.
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The ADP Non-Farm Employment Change, Unemployment Claims, and Final Services PMI came in better than expected.
Today, the Eurozone CPI Flash Estimate reported a 2.9% growth less versus the 3.0% growth expected. Core CPI Flash Estimate came in line with expectations, PPI reported a 0.3% drop, more than the 0.1% fall estimated, while German Retail Sales dropped by 2.5% compared to the 0.5% drop forecasted.
Later, the US economic figures should drive the price. The Non-Farm Payrolls is expected at 168K versus 199K in the previous reporting period. Average Hourly Earnings may announce a 0.3% growth in December versus a 0.4% growth in November, while the Unemployment Rate could jump from 3.7% to 3.8%.
Furthermore, the US will release the ISM Services PMI and the Factory Orders, while Canada publishes the Employment Change and Unemployment Rate. Positive US data should lift the greenback.
EUR/USD Price Technical Analysis: 1.0900 Protecting Buyers
![EUR/USD price](https://wordpress-1016567-4521551.cloudwaysapps.com/wp-content/uploads/2024/01/eur-usd-price-playing-within-demand-zone-ahead-of-us-nfp.png)
As you can see on the H1 chart, the price found resistance at 1.0968, and now it has reached the median line (ML) of the descending pitchfork again. This represents a dynamic support, while the 1.09 psychological level represents a static downside obstacle.
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Technically, the downside pressure remains high after failing to make a new higher high. Making a new lower low and invalidating the demand zone validates more declines. A valid breakdown below the 61.8% (1.0882) can confirm a reversal. However, staging above the 1.09 level and making only false breakdowns below the immediate support level may announce a new leg higher.
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- Source: https://www.forexcrunch.com/blog/2024/01/05/eur-usd-price-playing-within-demand-zone-ahead-of-us-nfp/
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