EURUSD still looks consolidated amid the wait for the release of US Non-Farm Payroll data tonight at 7:30 p.m. The results of this data release will drive the strength of the dollar which has an impact on the EURUSD movement. There has been no driving catalyst for the release of the Eurozone data, other than the negative sentiment from the Eurozone economic slowdown outlook and the dovish attitude of the European Central Bank (ECB) of its latest monetary policy.
The potential for EURUSD to continue to weaken needs to be consistently moving below the level of 1.1200 before targeting 1.1175. Level 1.1175 is seen as a strong support level area. Nearest resistance at the level of 1.1255.
Support: 1.1200 - 1.1175 - 1.1140
Resistance: 1.1255 - 1.1285 - 1.1310