EUR/USD Price Analysis: A drop to 1.1700 is not ruled out

• EUR/USD is charting and inconclusive session above 1.18 ahead of NFP.
• Extra losses could see the 1.17 area re-visited in the near-term.

EUR/USD is navigating another doji-like session at the end of the week amidst increasing cautiousness before the release of August’s Non-farm Payrolls (1.4 million exp.).

That said, while the ongoing leg lower should be regarded as temporary, it could extend further south and test the key contention zone in the 1.1700/1.1690 band (mid-August lows and a Fibo level) in case of extra USD-strength.

The bullish view on EUR/USD, in the meantime, is expected to remain unchanged as long as the pair trades above the critical 200-day SMA, today at 1.1182.

EUR/USD daily chart