EUR/USD Holds at Key Neckline Support Ahead of Eurozone PMI and US NFP Data

The EUR/USD pair is trading around 1.1309, slightly higher as traders await key macroeconomic releases from the Eurozone and the US. The 4-hour chart shows a potential Head and Shoulders pattern, signaling a possible bearish reversal. However, the price is currently holding above the neckline support zone of 1.1270–1.1300, a crucial level to watch.

A break below this area could trigger further downside toward 1.1142 and 1.0738, confirming the bearish setup. On the other hand, stronger-than-expected Eurozone PMI or weak US NFP data could lead to a bounce, invalidating the bearish outlook and pushing the pair higher.

Traders should remain cautious as volatility is likely to increase with upcoming data releases.