EUR/USD continues to knock on the door of the 200-hour moving average
But so far, sellers are prevailing at the key near-term level in preventing the bias from turning more bullish. As the market focus starts turning towards the US jobs report tomorrow, price action could very well just center around levels between the two key hourly moving averages (red and blue lines).
The other thing to consider is that there is going to be large expiries rolling off at the 1.1250 level today (€1.3 billion) and tomorrow (€2.1 billion) for the pair. Unless risk sentiment starts to turn more optimistic or sour in a significant manner, I would expect option-related offers to keep price action limited near current levels.
Other than that, there isn't much on the economic calendar to move things along (the dip in German factory orders is well-documented in the PMI surveys already). So, if risk continues to be indecisive, the pair should range between the 1.1200 and 1.1250 levels ahead of the NFP release tomorrow.
