EURUSD continues ranging in the early EU session. NFP data in focus at 15:30

EURUSD is closed in tight range between 1.1185 / 1.1201 in the Asian hours and at the start of the European session.

61.8 of the last major upward movement gave some support.

Yesterday’s ECB’s meeting and Draghi’s relatively dovish tone sent the pair down more than 1%.

The road to 1.10 looks clear and is likely to be reached in case of a better than expected NFP data at 15:30 today.

Alternately and less likely, we can see a correction of the latest downward momentum if new US private sector data goes below expectations.

 Trader Nikolay Georgiev

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