Expect lacklustre price action....

E$ managed to hold the 1.3030 support, printing a low of 1.3033 before short squeezing all the way up to 1.3159 before easing off to close the week at around 1.3113. Lacklustre price action is quite typical on a Monday first half post US employment numbers but made worse today as UK is off. Taking into consideration that E$ managed to close above the DMA21 despite the better than expected Change in Non-farm Payroll data, we have to respect the underlying strength until proven otherwise ie. if 1.3033 is broken.

CFTC COT report (non-commercial speculator's account):
Euro net short -30,149 vs -34,275
JPY net short -71,127 vs -79,730

Europe order book:
Stop loss: 1.3025/20, 1.3155/60 and 1.3200
Limit: 1.2980/77, 1.3050 and 1.3200

Primary trend: Bullish
Intermediate trend: Bullish (unless 1.2953 breached)
Minor trend: Consolidation with slight upside bias

Technically, intraday oscillator indicators are all converging to suggest consolidation but the longer intraday is still showing a slight upside bias for now. Overall technical indicators are not throwing out convincing signals. For today, I would expect the range to be between 1.3060/80 to 1.3190/210 on wide.

E$ Daily chart - Price managed to stay above DMA21 (red)