Technical studies point to further weakness but US jobs data likely to be the key driver

Bears are taking a breather following sharp acceleration lower on Thursday (down 0.62% for the day), after finding temporary footstep at key 1.1965 support (daily cloud base / 100DMA).
Strong bearish setup was confirmed by completion of head and shoulders pattern on daily chart and break below psychological 1.20 support, but bears need to register close below thick daily cloud to signal continuation and test of next pivotal support at 1.1887 (Fibo 61.8% of 1.1602/1.2349).
Weak daily techs support bears, but US jobs data are expected to be the main driver today.
The Euro weakened on fresh optimism about US economic recovery, following solid figures from private sector hiring, manufacturing sector and declining jobless claims, with upbeat results from the first labor report in 2021 (beating expectations for 50K rise after 140K drop in Dec) to further boost the greenback.
Broken 1.20 level marks immediate resistance, with stronger upticks expected to stay capped under broken neckline of H&S pattern (1.2051) and keep bears in play.
Caution on disappointing NFP numbers which would deflate dollar-positive sentiment and sideline Euro bears on lift and close above key barriers at 1.2053/64 (former low / broken Fibo 38.2%).

Res: 1.2000; 1.2016; 1.2051; 1.2064
Sup: 1.1956; 1.1922; 1.1902; 1.1887