The euro is struggling to break above the 1.1250 resistance level against the US dollar in early Thursday trade, as traders become cautious ahead of tomorrow’s monthly job report from the American economy. If bulls can move edge price above the 1.1250 level, technical buying is likely to accelerate towards the 1.1290 level. Continued failure around the 1.1250 level may see the EURUSD pair sold back towards the important 1.1216 support level.
The EURUSD pair is only bearish while trading below the 1.1250 level, key technical support is found at the 1.1216 and 1.1170 levels.
If the EURUSD pair trades above the 1.1250 level, buyers may test back towards the 1.1290 and 1.1330 resistance levels.
