EUR/USD consolidates the upside around 1.1200, NFP eyed

Having witnessed a huge 70-pips spike in the last NY session, the bulls appear to have taken a breather in the Asian trade this Friday, with EUR/USD clinging to previous gains heading into the key US NFP report.

EUR/USD awaits NFP fresh moves

Currently, EUR/USD trades almost unchanged at 1.1200, extending its overnight struggle to take-out 1.1205 barrier. The main currency pair is seen trading in a flat-line in the upper bound of this week’s trading range thus far, with markets treading cautiously ahead of the highly-influential US economic release, payrolls data, which is likely to trigger fresh moves in the greenback.

The EUR/USD pair rebounded sharply from 1.1130 levels yesterday after the USD bulls were hit by worse-than expected US ISM manufacturing PMI report, which dented the renewed optimism surrounding the Fed rate hike bets for this year. While markets resorting to repositioning ahead of the US labour market report also affected the EUR/USD pair on Thursday.

Next of note for the major remains the US employment data, which is likely to hog the limelight and shape up the next direction in EUR/USD.

EUR/USD Technical Levels               

In terms of technicals, the pair finds the immediate resistance 1.1214/32 (10 & 20-DMA). A break beyond the last, doors will open for a test of 1.1300 (round figure). On the flip side, the immediate support is placed at 1.1184 (100-DMA) below which 1.1158 (200-DMA) could be tested.