EUR/USD has registered its largest one-day gain in more than a year. Ahead of the January jobs report from the US, the pair is staying relatively quiet as investors want to see at what pace wages have grown before betting on further dollar weakness, FXStreet’s Eren Sengezer reports.

Euro rally could lose momentum on US jobs report

“A negative NFP print should cause the dollar to continue to weaken against its rivals. In case the NFP comes in higher than expected, market participants will pay close attention to the wage inflation data. Strong growth in wages could help the greenback find some demand and limit EUR/USD's upside ahead of the weekend.”

“On the upside, 1.1480 (static level) aligns as the first resistance before 1.1500 (psychological level) and 1.1550 (static level).”

“Supports are located at 1.1400 (psychological level), 1.1360 (static level) and 1.1320 (200-period SMA, 100-period SMA).”

See – NFP Preview: Forecasts from nine major banks, employment to soften due to Omicron