EUR/USD struggles around 1.1210 ahead of payrolls

The single currency keeps the tight range vs. its American peer on Friday, with EUR/USD hovering over the low-1.1200s ahead of US releases.

EUR/USD focus on NFP

The pair stays firm in the upper end of the recent range above the 1.1200 handle amidst the usual consolidative theme ahead of the publication of US non-farm payrolls later in the NA session.

Spot should remain in centre stage via the USD-side, as investors remain quite optimistic on a potential surprise at today's non-farm payrolls after Thursday’s robust prints from the ADP report (253K). That said, market consensus expects the economy to have added 185K jobs during last month, while the jobless rate should stay unchanged at 4.4%.

In the meantime, EUR/USD is about to close the week with gains after the recent pullback, always underpinned by the likeliness of some change in the ECB’s message towards a more hawkish view at its next meeting and a moderate and relentless recovery in the region.

Further support comes from the speculative community, which added further contracts to the net long position during the week ended on May 23 as per the latest CFTC report. Recall that positioning turned EUR net long for the first time after three years in the week to May 9.

EUR/USD levels to watch

At the moment, the pair is gaining 0.01% at 1.1214 and a breakout of 1.1257 (high Jun.1) would target 1.1268 (2017 high May 23) en route to 1.1300 (high Nov.9 2016). On the flip side, the immediate support lines up at 1.1165 (low May 31) followed by 1.1108 (low May 30) and finally 1.1073 (76.4% Fibo of 1.1300-1.0339).