EUR/USD steadies below 1.1550, awaiting US payrolls’ data

• EUR/USD consolidates near 1.1440 after bouncing up from 1.1510 lows.
• US Nonfarm Payrolls is expected to show a moderate increase in employment in March.
• Technical indicators show a mild bearish pressure.

The Euro (EUR) is trading sideways between 1.1530 and 1.1550 against the US Dollar (USD) in a holiday-thinned session, with most markets closed on Good Friday. The pair is on track for a 0.3% weekly appreciation, yet with price action trapped halfway through March’s trading range.

Mild risk aversion is keeping Euro rallies in check as the Iran war enters its 35th day, while markets shift their focus, at least temporarily, to the US Nonfarm Payrolls report, due later on Friday. The US economy is expected to have created 60K new jobs in March, to partially offset February’s 92K decline, with the Unemployment Rate steady at 4.4%

Technical Analysis: EUR/USD shows a neutral to bearish tone

EUR/USD's near-term bias is neutral with a slight downside tilt following rejection at a previous support trendline earlier this week. The Moving Average Convergence Divergence (MACD) line has slipped back below the signal line, highlighting an incipient bearish momentum, while the Relative Strength Index (RSI) flatlines around the 50 line, suggesting a lack of clear bias.

Immediate support lies at Thursday's low around the 1.1510 area, so far holding bears from a deeper reversal to March 30 lows at 1.1443 and the March 13 low, at 1.1422.

On the topside, initial resistance stands at the intraday level of 1.1563. Further up, the confluence of the mentioned broken trendline now at 1.1645 with the resistance area between 1.1620 and 1.1640, which has capped bulls several times in late March and early April, is likely to pose a significant challenge for bulls.

(The technical analysis of this story was written with the help of an AI tool.)