EUR/USD flips technical level again

The drop in the dollar, as covered here when looking at the price action in the Dollar index since yesterday, helped the EUR/USD to flip a move below 1.0840 again. That was the price point of its 200 day moving average yesterday and it has been closing above and below this point several times in recent trading. Well, yesterday it closed back above it again, ending the US session at 1.0872. This looks immediately more positive this time around, but of course the outcome of the US monthly jobs report may yet thwart that ahead of the weekly close tonight. We shall just have to see how that all plays out after 1.30pm GMT this afternoon. Right now though, that US data looks like it will need to really outperform, if the US currency is to make further progress ahead of the weekend. Of course, there is a risk that the US data disappoints and if that is the case, then the EUR/USD might be able to reverse the downside traction seen for most of January. It is all in the mix for later today, but right now the EUR/USD is still on the front foot, currently trading at 1.0885