Into European trading and the Euro had a corrective feel early-on but sellers in EUR/USD into the 1.3100/05 area capped the attempted rebound. Profit-taking from funds kicked off the move higher in Europe after sovereign buying amid the Asian session propped the pair into 1.3065.
More offers are tipped in both better size and quality into 1.3115/20 while stops are noted 1.3110 and 1.3125. Above here, the attention will turn to 1.3130 & 1.3150. US Employment data is set for release at 13:30 GMT and dealers still see this release as the likely generator for short-term directions in EUR/USD into the weekend. Should the Dollar strength in the wake of a better than expected report then a re-test of 1.3040 will be looked for, stops are seen below 1.3050 & 1.3040 while option interest will be found on approach to 1.3000.
Economists currently look for a 100/110K report while some bulls suggest the US unit will be sold once more should a sub-75K headline hit the screens. Revisions could again cause chop but later into North American trading and the Fed comments from Bernanke, Moskow & Minehan will be in focus.
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