EUR/USD cautious near 1.0750 ahead of data, Payrolls

EUR/USD is extending its initial sideline theme into the European session on Friday, trading on a cautious tone in light of upcoming data and US Payrolls.

EUR/USD focus on PMIs, NFP

Spot keeps navigating within the broader ascending channel despite it is retreating for the third session in a row today. The pair still remains unable to sustain a break beyond the key barrier at 1.0800 the figure, with the 1.0820/50 band emerging as a tough resistance for the time being, urging the need for a stronger catalyst in order to surpass it.

On the USD side, President Trump’s Twitter account stayed almost muted in recent sessions, giving some respite to the buck while it looks to extend the rebound from recent multi-week lows when tracked by the US Dollar Index, re-focusing on the psychological barrier at 100.00 the figure.

In the meantime, the consolidative pattern is poised to prevail pre-Payrolls today, as Services PMIs in Euroland should be more of a statistic theme. Market consensus sees the US economy to have created 175K jobs in January and the unemployment rate to stay put at 4.7%.

Further releases in the US docket will be December’s Factory Orders, Markit’s Services PMI, ISM Non-manufacturing and the speech by Chicago Fed C.Evans (voter, dovish.

EUR/USD levels to watch

The pair is now losing 0.07% at 1.0752 and a break below 1.0729 (low Feb.1) would open the door to 1.0684 (20-day sma) and finally 1.0617 (low Jan.30). On the upside, the initial hurdle sits at 1.0789 (100-day sma) followed by 1.082 (high Feb.2) and then 1.0848 (low Oct.25 2016).