EUR/USD struggling near 7-week lows, NFP awaited

The EUR/USD pair now seems to have entered a bearish consolidation phase and was seen oscillating within a 15-pips narrow trading range, below the 1.1700 handle. 

Against the backdrop of growing conviction that the Fed would deliver a third rate hike in December, optimism over the US tax reforms provided an additional boost the recent US Dollar rally and has been one of the key factors weighing on the major.

Meanwhile, the latest political situation in Spain, along with Thursday's ECB meeting minutes, revealing policymakers view that the monetary policy should remain highly accommodative under all scenarios, kept the shared currency on the back-foot and further collaborated to the pair's heavily offered tone for the second consecutive session. 

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On the economic data front, the release of better-than-expected German factory orders data and lower French trade deficit passed largely unnoticed as focus remains on the keenly watched US monthly jobs report (NFP), due for release later during the NA session.  

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Technical levels to watch

A follow through selling pressure below 1.1680-75 zone is likely to accelerate the slide towards 1.1640 intermediate support en-r0ute the 1.1600 handle. On the upside, any up-move beyond the 1.1700 handle is likely to confront resistance near 1.1715 level, above which the recovery could get extended towards mid-1.1700s.