The EUR/USD pair has fell down to 1.1031 during the Asian session, as dollar buying has extended during the session. The pair however, recovered some ground in the European opening, trading a few pips above its daily opening. The Greek drama has seen no developments so far today, and moved to a second place, at least temporarily, as the US will release its Nonfarm Payroll monthly report.
Given the ongoing situation in Europe, there are little chances that the impact of the report will be something else than temporal, particularly against the common currency. Nevertheless, a strong reading, as anticipated yesterday by the ADP survey, should favor a strong intraday dollar rally. Expectations are of 232,000 new jobs added in June, and an unemployment rate of 5.4%.
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The technical picture favors the downside, with the price developing below its moving averages and the technical indicators well below their mid-lines. However, upcoming market movements will depend on the report, and a break below 1.1050, should see the pair extending down to the 1.1000 figure, whilst a break below it should lead to a decline down to the 1.0950/60 region, this week low. A disappointing reading on the other hand, should push the pair beyond 1.1120, the immediate resistance, with the next resistances and probable bullish targets at 1.1160 and 1.1210.
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