While the broad the US dollar weakness, amid coronavirus-led risk-off, propelled the EURUSD pair towards seven-month high, the pre-NFP lull seems to drag the quote below 61.8% Fibonacci retracement of its declines from January 2019 to February 2020. Even so, the pair remains above 50% Fibonacci retracement as well as a descending trend line stretched from early-2019. Hence, unless the quote slips below 1.1175/70 confluence, sellers are less likely to enter. On the bears' dominance below 1.1170, a 200-day SMA level of 1.1098 could gain the market attention.
If the US employment data manages to beat the soft expectations, as well as cross the priors, 61.8% Fibonacci retracement level of 1.1265 will be on the buyers' radar. However, overbought RSI could question the pair's further upside beyond that, which if ignored could push the bulls towards 1.1300 whereas June 2019 top near 1.1411 might return to the charts then after.