FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that with the US Nonfarm Payroll release early Friday, is yet to be confirmed if EUR rally can be sustained in time, or if it's just the due correction after the pair lost over 1000 pips in the last two months. Key Quotes: "Technically, the 4 hours chart shows that the price has surpassed the 38.2% retracement of such decline, now the immediate support at 1.0880. In the same chart, the technical indicators are losing upward strength in extreme overbought territory, yet considering the wide daily range, technical readings will need a couple of days to adjust before becoming useful again. Overall, the upcoming direction will depend on how the market understands the US employment report in relation to a possible December rate hike. The key support will be then 1.0835 with a break below it required to confirm a bearish movement in the last day of the week." For more information, read our latest forex news.