EUR/USD rebounds on Friday, still down for the week

• EUR/USD rebound after NFP, holds above key level. 
• Next week: minutes and US CPI.

The EUR/USD pair was rising on Friday, on the back of a decline of the US Dollar across the board. The greenback lost momentum following the release of the US employment report and then amid lower US yields and a slide in US stocks. 

The euro recovered after moving with a bearish bias during four days in a row. It opened the week trading above 1.2300 and dropped constantly. It bottomed earlier today at 1.2215, the lowest level since March 1st. From the lows rebounded and peaked after the release of the NFP report at 1.2280. 

The main headline of the jobs report came in below expectations (103K vs 193K) but wage growth showed numbers in line with previous estimations. The greenback initially rose but then pulled back. Trade tensions between US and China continue to limit the advance of the US dollar. 

Euro finds support at key line 

Near the end of the week EUR/USD was trading around 1.2280, up near 40 pips for the day, the best performance in almost two weeks. 

The recovery took place after trading momentarily under an uptrend line from November. EUR/USD rose quickly back above the mentioned line that continues to offer support. A close below 1.2220 could signal more losses ahead. For the up-move to gains strength, the pair needs to regain the 1.2330/40 (20-day moving average). 

Week ahead: ECB, FED minutes and US CPI

No key economic reports are due next week and the main event is likely to be the European Central Bank minutes from the March meeting. Back then, the ECB removed a sentence from the statement regarding QE flexibility. 

In the US, CPI numbers are due on Wednesday. The minutes from the latest Federal Reserve meeting will also be released on Wednesday. At that meeting, the FOMC decided to raise rates.