EUR/USD trades in a tight range above the psychological support of 1.1000 in Friday’s European session.
EUR/USD trades with caution above 1.1000 as the focus shifts to the US NFP . A sharp expansion in the US ISM Service Prices Paid has renewed fears of price pressures remaining persistent. ECB Schnabel remained concerned about the growing economic risks in the Eurozone. The major currency pair consolidates near 1.1030, while the US Dollar edges lower ahead of the United States Nonfarm Payrolls report for September, which will published at 12:30 GMT.
The near-term outlook of the major currency pair has weakened as it trades slightly below the 50-day Exponential Moving Average , which stands at around 1.1043. The shared currency pair continues to hold the breakout of the Rising Channel pattern in the daily chart, which occurred in the third week of August. A fresh downside would appear if the pair breaks below the upper line of the pattern. The 14-day Relative Strength Index has declined to near 40.00, suggesting a weakening of momentum.
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