EUR/USD down 0.1% to 1.1555 on the day
There US non-farm payrolls release on Friday saw sellers try to push the agenda, briefly clipping below key support @ 1.1525-29 but the move ultimately unraveled.
The support region above is still holding on the daily and remains the key area to watch for EUR/USD at the moment as seen below.
As things stand, sellers are still firmly in near-term control as price is settling below the key hourly moving averages @ 1.1573-91. Unless buyers see appetite to push above that, it the recent downside pressure looks set to continue this week.
The daily chart outlines the vulnerabilities associated with a shove lower:
A firm break below 1.1500 will likely translate to added downside momentum in the pair, with little key support levels to pick at on the way down.
I'd argue that policy divergence remains key in driving any major trends in the pair so expect plenty of attention to be paid to Fed pricing in the weeks/months ahead, considering that the ECB isn't going to deviate - at least not much - from its current stance.
