A quiet Friday morning as markets await March nonfarm payrolls from the US later today. With a consensus of 180k new jobs added, expectations are high that the number has recovered from its previous hiccup of mere 20k. Equally important is the average earnings which is an indication of future inflation. Today’s data could drive large volatility in a currency market that has been lacking clear direction in a while.
On the technical side, EURUSD could continue to rise from the 1.1180 support line. Bulls may target the next resistance near the moving averages. 1.1205 is the immediate support in case of a pullback.
The sentiment-price correlation chart shows the sentiment reaching the neutral line from below. Daily news sentiment is moving higher and in 50% of the last 10 occurrences price has risen within 6 days.