EUR/USD firmer, approaches 1.0700 ahead of NFP

The persistent decline of the greenback has allowed EUR/USD to extend its weekly advance to the vicinity of 1.0700 the figure.

EUR/USD all eyes on Payrolls

The pair is advancing for the second consecutive week so far, putting further distance from last week’s fresh 2016 low at 1.0515 following the continuation of the offered bias around the buck.

The absence of subsequent tests of the area of recent troughs prompts investors to think that an interim low could be in place, allowing the likeliness of occasional bullish attempts.

Data wise in Euroland, Producer Prices for the month of October are only due, while the US labour market figures will grab all the attention. Prior surveys expect the economy to have added 175K jobs during November, up from October’s 161K.

EUR/USD levels to watch

The pair is now up 0.23% at 1.0683 and a break above 1.0700 (23.6% of the November drop) would target 1.0820 (low Mar.10) en route to 1.0848 (low Oct.25). On the flip side, the immediate support aligns at 1.0515 (2016 low Nov.24) followed by 1.0457 (2015 low Mar.16) and then 1.0332 (monthly low January 2003).