EUR/USD up little, holds above 1.19 handle ahead of NFP

The EUR/USD pair caught some fresh bids near the 1.1880 level and extended overnight modest recovery from one-week lows. The pair touched a session high level of 1.1930 before retracing few pips and is currently trading marginally above the 1.1900 handle.

The pair's bullish spike in the last hour could be driven by comments from the ECB Governing Council member, Ewald Nowotny, who was noted saying that ECB shouldn't "overdramatize" the recent rise in the shared currency and the move have been within historical range.

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Further up-move, however, remained capped as investors held back from placing aggressive bets in the pre-NFP cautious trade. 

Meanwhile, a subdued action around the US Treasury bond yields, which has failed to provide any fresh bullish impetus to the recent strong US Dollar recovery move, has further contributed to the pair's consolidative price action through the mid-European session.

On the economic data front, the final Euro-zone PMI prints went unnoticed, as the market focus remains glued to the very important US monthly jobs report, popularly known as NFP, due to be published at 1230GMT today.

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Technical levels to watch

Bulls would be eyeing for a sustained move beyond the 1.1915-25 hurdle, above which the pair is likely to jump back towards the 1.1975-80 horizontal resistance before eventually darting towards the key 1.20 psychological mark.

On the flip side, a decisive break below 1.1870-65 immediate support should drag the pair back towards 1.1825-20 support area. Below the mentioned supports, the corrective slide could further get extended below the 1.1800 handle towards 1.1775 support.