EUR/USD: consolidating the sell-off on key week for the greenback

Currently, EUR/USD is trading at 1.0588, down -0.05% on the day, having posted a daily high at 1.0687 and low at 1.0564.

On a key week for the greenback with nonfarm payrolls coming up, EUR/USD has inched higher making further ground on the recovery of the sell-off from 1.0669 to the aforementioned lows. The European session was dominated by covering in USD/JPY that helped drive the downside in EUR/USD before the recovery ensued in the US session while ECB president Mario Draghi has been testifying in European parliament with concerns in the recovery that have been voiced albeit Draghi argues that the economy is continuing to expand at a moderate pace, despite the adverse effects of global uncertainty. The ECB's various options will be assessed at the Dec meeting in respect to meeting the bank's inflation target. 

ECB's Draghi: There are still concerns about Greek public debt sustainability

EUR/USD levels 

Spot is presently trading at 1.0588, and next resistance can be seen at 1.0590 (Weekly Classic PP), 1.0592 (Hourly 100 SMA), 1.0615 (Hourly 20 EMA), 1.0617 (Daily Open) and 1.0622 (Hourly 200 SMA). Support below can be found at 1.0587 (Daily Classic PP), 1.0564 (Daily Low), 1.0553 (Monthly Low), 1.0553 (Weekly Low) and 1.0553 (Annual Low).