- EUR/USD now trades almost unchanged at 1.1045, bears extend control post-NFP release.
- Price action in the pair remains below 200-DMA at 1.1093, intraday bias bearish.
- Upside finds stiff resistance at 1.120 (trendline support turned resistance).
- Recovery attempts from post-referendum lows capped below trendline and we see reversal in trend only on breaks above.
- Techs support further downside in the pair, momentum studies bearish, RSI and MACD biased lower.
- Broader markets sentiment will play a key role in driving price movements amid a lack of significant economic releases.
- Resistance on the upside aligns at - R1:1.1067 (50% Fib of Dec to May rally); R2:1.1093 (200-DMA); R3:1.120 (trendline and 38.2% Fib).
- Supports on the downside are located at - S1:1.1002 (July 8 low); S2:1.0937 (61.8% Fib); S3:1.0912 (June 24 low).
Recommendation: Sell rallies around 1.1050; SL: 1.1100; TP: 1.10/ 1.0937/ 1.0912
