EURUSD is unfolding within the framework of the downtrend. The price fails to reach the key support and gains a buyer amid the correction of the dollar index. The market is waiting for NonFarm Payrolls
Chart on D1 - price has no clear global trend, the market is in neutral flat. A false breakdown of the ascending support line is formed, after which the market gets a buyer. The market is expecting NFP today, Traders want to see 212K relative to the previous 275. On the back of a slight rise in Initial Jobless Claims NFP all may be a bit higher than 212K, which may increase volatility a bit. Channel and range resistance at 1.08975 is worth watching.
Support levels: 1.07958
Resistance levels: 1.08643, 1.08975
Technically, if NFP is worse than expected, the currency pair may try to break the trend resistance and head towards 1.10. But, there is a high probability to see NFP above 212K, which will have a negative impact on the currency pair.