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Forex: EUR/USD recovers ground as stocks advance

After falling to fresh daily lows in the wake of strong ISM data, the EUR/USD saw a quick bounce during the American afternoon and managed to reverse intraday losses as the Dow reaches fresh record highs. At time of writing, EUR/USD is trading at the 1.3050 zone, 0.2% above its opening price.

Despite some intraday volatility, EUR/USD continues to trade within its recent range, unable to overcome the 1.3080/1.3100 area, and contained by the 1.2965 area on the downside as market participants remained on the sidelines ahead of the ECB decision and the US NFP report.

In terms of technical levels, on the upside immediate resistances are seen at 1.3080 (intraday high), 1.3100 (psychological level) and 1.3125 (100-day SMA). On the downside, supports could be encountered at 1.3000 (psychological level), 1.2980 (low Mar 4) and 1.2966 (low Mar 1).

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