EUR/USD keeps range below 1.1800 amid Good Friday lull, NFP awaited

EUR/USD lacks directional bias as most major European markets celebrate Holy Friday-Easter weekend.
US dollar licks its wounds amid a sell-off in Treasury yields, record highs on Wall Street indices.
The market mood remains upbeat despite the Good Friday-led thin trading, as the focus shifts to the NFP report.
EUR/USD moves back and forth in a 15-pips range below 1.1800 amid holiday-thinned trading so far this Good Friday, as markets await the US NFP data release for a fresh trading direction.

The main currency pair witnessed a solid 70-pips rally on Thursday, as stronger US ISM Manufacturing PMI and President Joe Biden’s infrastructure plan drove the Wall Street indices to record highs while downing the Treasury yields.

The risk-on market mood combined with the sell-off in the US rates weighed heavily on the dollar when compared to main competitors. The market mood remains upbeat also amid encouraging Eurozone Manufacturing PMI reports.

Despite EUR/USD’s correction from four-month troughs of 1.1704, the upside appears limited amid ongoing covid concerns in Europe and slower vaccination rate.

Looking ahead, the US Nonfarm payrolls will be eagerly awaited, as most major European markets remain closed on account of Good Friday.

EUR/USD: Technical levels
“A clear upside break of 1.1810 becomes necessary to extend the pair’s run-up towards 200-day SMA and 61.8% Fibonacci retracement of November 2020 to January 2021 upside, around 1.1880-85. Meanwhile, 1.1760 and the latest low near 1.1700 precede the support line of the stated chart pattern, around 1.1685 to restrict short-term EUR/USD downside,” Anil Panchal at FXStreet explains.