The EUR/USD rose on Thursday boosted by a weaker US Dollar, but it could not break a key resistance level and lost strength.
The US Dollar slides across the board after the FOMC meeting and US data; attention turns to NFP. Despite the current slide, fundamentals still favor the Dollar. EUR/USD is testing a key resistance area; a break above 1.0670 could open the door to 1.0700. After the FOMC meeting and US economic data, market focus turns to the Nonfarm Payrolls report. Data from the US on Thursday showed a softening labor market and a decline in the Unit Labor Cost index during the third quarter.
The current upward move in EUR/USD is occurring within a gradual correction, as the fundamentals still favor the US over the Euro area. If market sentiment deteriorates, bears will likely regain control. EUR/USD short-term technical outlook On the daily chart, the pair is on the verge of posting its second-highest daily close in over a month, above 1.0600. However, the upside remains limited by the 55-day Simple Moving Average , which stands at 1.0664.
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