I expect to see some more movement and positional adjustment on the crosses and with EUR/JPY and EUR/GBP both in short-term uptrends, this should keep EUR/USD with a mild bid tone. Nevertheless I’m also hearing some reports of fairly decent sell orders towards 1.3250 and this might keep a cap on things pre-NFP.
A good NFP number is most likely to be primarily USD positive and therefore I’d expect the EUR/USD to fall on a strong number and rise on a bad one. There will of course be an impact from the risk trades which should moderate any EUR/USD moves.
My conclusion is that EUR/USD will stay in a 13170/13240 range for the majority of today and this range will more than likely break one way or thother after the NFP lottery.
