FxWirePro- EURUSD Trade Idea

EUR/USD gained slightly after the dismal US NFP. It hit an intraday high of 1.08882 and currently trading around 1.08623.

The American economy in February 2025 had a modest gain of 151,000 non-farm payroll jobs, short of the anticipated 170,000. The unemployment rate climbed to 4.1%. Jobs were gained in health care, financial services, transportation, warehousing, and social services, but there was a fall in federal government jobs. There were also adjustments to the previous few months' figures, and December's total was revised higher by 16,000, and January was revised lower by 18,000. Mean hourly earnings rose 0.3% to $30.89, a 4.0% increase over the past year.

Technical Analysis of EUR/USD

The pair is holding above the short and below the long-term moving average in the 4-hour chart. Near-term resistance is seen at 1.0888; a break above this may push the pair to targets of  1.0900/1.0935/1.1000. Major bullish momentum is likely only if prices can break above 1.1000 where levels of 1.0935/1.100/1.1070/1.1150. On the downside, support is seen at 1.0 any violation below will drag the pair to 1.0600/1.0500/ 1.0460.

Market Indicators and Trading Strategy

Commodity Channel Index (CCI)-  Bullish

Average Directional Movement Index (ADX) - Bullish.  It is good to buy on dips around 1.07700 with a stop-loss at 1.0720 for a target price of 1.0935.