• EUR/USD clings to the positive territory near 1.0770 on Friday.
• Extra upside impulse should challenge the 1.0800 barrier.

EUR/USD trades in a cautious note near 1.0760/70 ahead of the key release of US Nonfarm Payrolls.

Despite Thursday’s rebound, the pair remains under pressure. Against that, the breach of the May low at 1.0635 (May 31) could pave the way to a drop to 1.0600 prior to the March low at 1.0516 (March 15). On the upside, the breakout of 1.0800 the figure could rapidly see the 100-day SMA at 1.0811 revisited ahead of the 55-day SMA at 1.0886.

A deeper pullback to the 2023 low at 1.0496 (January 6) would likely need a sharp deterioration of the outlook, which appears not favoured for the time being.

Looking at the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0500.

EUR/USD daily chart