EUR/USD unable to rise above 1.0800, consolidates modest weekly gains

EUR/USD is consolidating a weekly gain of 60 pips as it trades slightly below 1.0800. The pair rallied on Friday from 1.0725, after the release of the US Employment report. It peaked during the American session at 1.0796 and then pulled back modestly, finding support above 1.0770. 

US jobs data presented mix numbers regarding expectation. NFP rose sharply above expectation (227K  vs 175K) but wage growth was subdued. The greenback fell after the report, erasing gains, but the decline was limited. 

EUR/USD outlook 

From the level, it had a week ago, is up 80 pips. The euro resumed the upside after ending flat last week. Price continues to move within an uptrend bullish channel. 

According to analysts from ING, US dollar bulls “are in need of a dose of Tump fiscal stimulus or some Fedspeak that rates could potentially be hiked in March. On the euro side, they mention, that focus over the next week will be on politics. “Dwindling support for Fillon in polls could weight on EUR, while the January ECB PsPP purchase data (to be released on Monday) could see pressure on Portuguese and Irish spread if the capital key is undershot”. 

For the week ahead, they have a neutral bias on the EUR/USD pair. Their 1-month target is 1.05.