European trading saw speculators eye the EUR/USD downside but with the Euro underpinned by the upbeat Euro Zone Unemployment data the dip to 1.2765 was soon corrected. Into North American trading and buyers on dips to 1.2765 and 1.2755 should limit initial moves lower as the talk of a weak US Employment report weighs on the medium-term USD outlook.
Economists put the consensus at +133K for the 13:30 GMT release but numbers below the 100K mark are once again doing the rounds. Any revision to the previous data could help the US unit later in the day but dealers see EUR/USD as "positive" while above 1.2735/40. Central bank bids are noted into this level so any break below here will see the Dollar in fresh territory.
Option barriers at 1.2800 and the stops above will be in focus if a weak report is seen while latter in the day ISM Non-Manufacturing data (15:00 GMT) & the Kohn comments will look to reverse any post-payroll damage. Option players note the EUR 700Mn 1.2700 strike at the NY cut (15:00 GMT) while a large maturity is noted at 1.2850.
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