EUR/USD trades sideways near 1.0900 in Friday’s European session.
EUR/USD trades back and forth near 1.0900 ahead of US NFP data for May. The US NFP will indicate whether labor market conditions have started normalizing. The ECB commenced its policy easing campaign but refrained from committing to a predefined interest-rate path. The major currency pair remains broadly steady as traders stay on the sidelines ahead of the United States Nonfarm Payrolls data for May, which will be published at 12:30 GMT.
The near-term outlook remains firm due to a golden cross formation, a bullish crossover of the 50-day and 200-day Exponential Moving Averages near 1.0800. The 14-period Relative Strength Index recovers to 60.00. A decisive move above the same would push the momentum towards the upside. Looking up, the major currency pair is expected to extend gains towards the March 21 high at around 1.0950 and the psychological resistance of 1.1000 if it decisively breaks above the round-level resistance of 1.
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