EUR/USD is pushed to a session low of 1.1154
The trading range for the pair remains relatively narrow (24 pips) but sellers are looking to push the issue by keeping the pair pressured on the session. Price now looks towards support near 1.1150 and as mentioned earlier, large expiries resting at 1.1150-55 are likely to keep the pair contained around these levels before we get to the US jobs report later.
The dollar is holding firm in the European trading session so far, as it advances – alongside the yen – notably against the euro and sterling. Cable has been pushed down to a low of 1.2992 now as buyers start to lose near-term control.
In my view, it’s still a bit early in the day to be calling for large moves to happen since we still have a key risk event up ahead. However, the moves here highlight some bias (a tiny one though) ahead of the report and traders are positioned slightly in favour of a positive one for the dollar. That’s something to consider as we approach the release later at 1230 GMT.