Technical Analysis: EUR/USD trades sideways near 1.0900
EUR/USD stays quiet near 1.0900 ahead of the US NFP data, trading inside Thursday’s range. The major currency pair trades near the neckline of the Inverted Head and Shoulder (H&S) pattern, which is marked from April 9 high at 1.0885. A breakout of this pattern could result in a bullish reversal.
The near-term outlook remains firm due to a golden cross formation, a bullish crossover of the 50-day and 200-day Exponential Moving Averages (EMAs) near 1.0800.
The 14-period Relative Strength Index (RSI) recovers to 60.00. A decisive move above the same would push the momentum towards the upside.
Looking up, the major currency pair is expected to extend gains towards the March 21 high at around 1.0950 and the psychological resistance of 1.1000 if it decisively breaks above the round-level resistance of 1.0900. However, a downside move below the 200-day EMA at 1.0800 could push it into a bearish trajectory
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