FXstreet.com (Barcelona) - While nothing is confirmed, their is chatter that the ECB is stepping up buying efforts which is helping to support the EUR to recover against its major counterparts in the initial hour of trade over Europe. The EUR/USD has jumped a quick 75 pips so far, and appears to be running into modest resistance at the 1.4165 zone. The pair had just prior been trading at a 3-week low of 1.4075.

The EUR/GBP similarly is showing broad bullish momentum so far, pulling away from an earlier 9-week low of 0.8655 and currently testing technical resistance at 0.8700. The EUR/JPY has recovered to the upside of 111.00, bouncing off a daily low of 110.35.

Looking ahead, the ecPulse analysis team suggests: ?The focus today is predominantly on the nonfarm payrolls which will reflect the true state of the economy. The reaction to the numbers is going to be very volatile and with the fragile sentiment caution is best administered.?