EUR/USD probing lows near 1.0630, Payrolls eyed

The single currency seems to be losing the grip during the European morning, now dragging EUR/USD to test the area of daily lows in the 1.0640/30 band.

EUR/USD cautious ahead of Payrolls

Spot is extending the bearish note for the third session in a row so far today and stays under pressure in light of the renewed bullish backdrop of the greenback and the recent dovish message from ECB’s M.Draghi.

It is worth noting that President Draghi reiterated on Thursday that inflation pressures in the region remain subdued and the recent uptrend is not sustainable, while at the same time he ruled out any re-assessment of the monetary stance at the current stage.

In the data space, the salient point of the week will be today’s US Non-farm Payrolls, with consensus expecting the US economy to have added 180K jobs during last month, while the jobless rate is seen at 4.7%.

EUR/USD levels to watch

At the moment the pair is losing 0.09% at 1.0634 and a breach of 1.0627 (low Apr.6) would target 1.0625 (100-day sma) en route to 1.0597 (low Mar.14). On the flip side, the immediate hurdle aligns at 1.0673 (55-day sma) followed by 1.0705 (high Mar.31) and finally 1.0724 (20-day sma).