• EUR/USD bulls are building positons ahead of key NFP.
• A blow off to the downside could be in order sooner than later. 

EUR/USD has been carving out the upside on Thursday and this could be teeing up a set-up for Friday as volumes start to get trapped up high within the week's range. More on that below. Meanwhile, the US Dollar eased after a brief rebound on Thursday as data showed the US labour market remains strong. This comes ahead of Friday's Nonfarm Payrolls data on Friday.

Forex is being driven by the sentiment in the futures markets that have raised the probability of the Fed hiking interest rates by 25 basis points to 92.4% when policymakers conclude a two-day meeting on July 26, the CME Group's FedWatch Tool showed on Thursday