EUR/USD Faces Resistance at 1.0740 Amid US Data Release, Eyes on 1.0800 Level

Following the release of US unemployment and growth data yesterday, the EUR/USD pair faced sharp selling pressure within the mentioned range of 1.0730-1.0740 but quickly rebounded. Testing the day's high again within the same session, the 1.0740 level continues to act as resistance. Ahead of the release of US inflation data at GMT 12:30, the pair maintains its composure, with expectations of sustainability above this level targeting the 200-day moving average and a horizontal resistance level in the range of 1.0800-1.0810. A decisive break above this level could lead to a target of 1.0870. On the downside, the first support lies in the range of 1.0670-1.0680, with the major support level below being in the range of 1.0600-1.0610. A breach of this level could potentially lead the pair to decline towards 1.0560, despite the recent corrective movements seen in daily charts over the past two weeks.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.0870	1.0810	1.0740	1.0670	1.0600	1.0560