EUR/USD slips back to 1.2480 ahead of US payrolls

• The pair retreats to the 1.2480/70 band.
• USD stays bid on US yields.
• US payrolls seen at 180K.

The shared currency keeps the correction lower intact at the end of the week, with EUR/USD now grinding lower towards the 1.2480/70 band, or session lows.

EUR/USD looks to NFP

Following three consecutive sessions with gains, spot is now losing some momentum despite recording fresh daily highs beyond 1.2500 the figure during the Asian trading hours.

The renewed buying interest around the greenback remains propped up by the solid performance of the key US 10-year yields, which are navigating levels last seen in April 2014 in the 2.80% neighbourhood.

Later in the NA session, US non-farm payrolls are set to rule the near term sentiment in the global markets. Expectations see the US economy to have added 180K jobs in January and the jobless rate to stay at 4.1% in the same period.

EUR/USD levels to watch

At the moment, the pair is losing 0.22% at 1.2487 facing the immediate support at 1.2399 (10-day sma) followed by 1.2336 (low Jan.30) and finally 1.2251 (21-day sma). On the other hand, a breakout of 1.2522 (high Feb.2) would target 1.2537 (2018 high Jan.25) en route to 1.2571 (high Dec.16 2014).