EUR/USD sidelined around 1.1960 ahead of Payrolls
- The pair looks for consolidation ahead of US Payrolls.
- The greenback also treads water in the mid-92.00s.
- Key US monthly labour market report is next on tap.
EUR/USD remains entrenched into the negative territory on Friday, hovering over the 1.1960 region following yesterday’s failed bullish attempt to levels above 1.2000 the figure.
EUR/USD looks to NFP
The pair has resumed the downside at the end of the week, reverting yesterday’s uptick while investors are re-focusing on the mid-1.1900s ahead of key publications in the US calendar.
Spot keeps trading in the lower bound of the range in the 1.1960/50 band today, opening the door for a deeper pullback and a potential test of 2018 low at 1.1916 in case of a positive surprise from today’s US releases.
The greenback, in the meantime, managed to retake the up move and the mid-92.00s after re-testing lows in the 92.30 region on Wednesday, always amidst declining US yields.
In the data universe, final Services PMI in Euroland and Germany came in below estimates in April, while Retail Sales in the euro region also disappointed expectations.
Later in the NA session, US Non-farm Payrolls are seen at 189K in April, the jobless rate is expected to tick lower to 4.0% and Average Hourly Earnings are forecasted at 0.2% MoM.
EUR/USD levels to watch
At the moment, the pair is losing 0.19% at 1.1966 and a break below 1.1938 (low May 2) would target 1.1916 (2018 low Jan.19) en route to 1.1718 (monthly low Dec.12 2017). On the other hand, the initial hurdle lines up at 1.2018 (200-day sma) seconded by 1.2033 (high May 2) and finally 1.2081 (10-day sma).