EUR/USD is seeing increased buying interest as it heads into a busy Friday. Despite a slight miss in German factory activity, Euro bulls remain optimistic. The focus for the day will be on the release of EU Retail Sales and US Nonfarm Payrolls (NFP) data to wrap up the trading week.
The US Dollar softened, helping to support the Euro, after German Factory Orders fell short of expectations. The upcoming release of Pan-EU Retail Sales is expected to show a rebound in May, while US NFP figures are anticipated to decrease in June. Market participants will also be watching for any revisions to previous data and the US Unemployment rate, which is forecasted to remain unchanged.
Technical analysis shows that EUR/USD has been on a bullish trend, bouncing from support levels below 1.0680 and approaching the 1.0800 mark. However, the pair remains within a descending channel on daily charts. If buyers push the price above the 200-day Exponential Moving Average at 1.0793, EUR/USD could face resistance at higher levels around 1.0900.
Overall, the focus for the day will be on key economic indicators and data releases, particularly the US Nonfarm Payrolls report, which could drive significant movement in the Forex market. Eurozone economic data, ECB decisions, and trade balance figures also play a crucial role in influencing the value of the Euro against other major currencies.