EUR/USD Bulls Face 100-Day SMA Resistance Ahead of Key US Jobs Data

The EUR/USD pair is experiencing a bullish momentum, but its progress is being challenged by the 100-day Simple Moving Average (SMA) at 1.1569.

According to analysts at Scotiabank, the near-term technical picture remains bullish following the late-July rebound from below 1.1400.

The pair trades around 1.1534, down 0.15% on the day, as traders await the US Nonfarm Payrolls (NFP) report scheduled for Friday, which could shape Federal Reserve interest rate expectations and drive volatility in EUR/USD.

Fundamentals remain supportive, with Scotiabank noting that the EUR's recent recovery has closely mirrored the turn in yield spreads.