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EUR/USD glued to 1.2773 ahead of NFP report

FXStreet (Moscow) - EUR/USD  have been trapped in a narrow range limited by 1.2370 on the downside and 1.2386 on the upside after having started the day at 1.2374.

EUR/USD ended the consolidation phase and resumed the downside on Thursday. The pair broke a number of important support levels and finished the day below 1.2400, at 1.2374, suggesting that more downside may be in the pipeline. The pair has been consolidating in a narrow range during Asian hours as investors are wary of beeing to active ahead of US Non-Farm Payroll report, published later today. Solid gains in employment would fuel speculation that the FED could raise U.S. interest rates in mid-2015. On the other hand, EUR is definitely oversold, so disappointing numbers may trigger a short squeeze up to 1.2485 and to 1.2540.

What are today’s key EUR/USD levels? 

Today's central pivot point can be found at 1.2428, with support below at 1.2321, 1.2268 and 1.2161, with resistance above at 1.2481, 1.2588 and 1.2641. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.2571 and the daily 20EMA bearish at 1.2618. Hourly RSI is bullish at 30.

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