EURUSD extends the previous day’s downside break of an ascending support line from March 31 on early Thursday. In doing so, the currency pair prints the heaviest losses in over a week ahead of the key US ADP Employment Change and ISM Services PMI. Though, bullish MACD and upbeat RSI could trigger the quote’s bounce off 21-day SMA level of 1.2172, if not then April top near 1.2150 will be the next support to watch. It should, however, be noted that the pair’s south-run past-1.2150 will make it vulnerable to revisit the mid-May lows near 1.2050.
It’s worth noting that the recovery moves from the current levels need strong data to support to cross the support-turned-resistance close to 1.2215. Also acting as the upside barrier is the weekly resistance line surrounding 1.2245 and the recently flashed multi-day top of 1.2265. Overall, EURUSD traders should wait for Friday’s US NFP even as the early signals suggest that the bullish momentum is fading.