EUR/USD cautious around 1.1150 ahead of data, NFP

The single currency is trading almost unchanged vs. the greenback on Friday, taking EUR/USD to the area of 1.1150 ahead of PMIs and Payrolls.

EUR/USD retreats from 1.12, focus on the downside?

The pair has surrendered its previous gains to highs above the 1.1200 handle, dragged lower after the ECB surprised markets with a cautious stance and marginal revisions to inflation and growth forecasts.

Next of relevance for the pair will be May Services PMIs along with EMU’s Retail Sales. It gets more interesting across the pond though, as Non-farm Payrolls and the rest of the US labour market figures are due, followed by Factory Orders and the ISM Non-manufacturing.

EUR/USD levels to watch

The pair is now retreating 0.02% at 1.1151 and a break below 1.1096 (low May 30) would open the door to 1.1055 (low Mar.16) and then 1.0820 (low Mar.10). On the other hand, the initial hurdle aligns at 1.1237 (20-day sma) followed by 1.1246 (high May 23) and finally 1.1298 (55-day sma).

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