The individual dollar-based pairs are following different paths while the currency itself seems to actually be anchored to congestion.

It would be a stretch to simply imply that the euro experienced elevated volatility this past week.

Despite the draw of a long weekend and questionable long-term implications, confidence is bolstered by non-farm payrolls.

The euro had an uneven performance this past week, but the outcome that really mattered for the shared currency was the progress made against the US dollar.

Pessimism surrounding risk appetite trends keeps the dollar from a deeper correction.

The US dollar has already spent a significant portion of its premium in the reversal of the past two months.

Monday's release of the ISM manufacturing index will give a more complete picture of the sector and if early forecasts are any indication then we could see dollar support return on risk aversion.

The dollar's role as a safe haven currency holds the greatest influence over the direction and intensity of price action, but this underlying current itself is far from assured.

The greenback will almost certainly revert to its function as a safe haven currency should sentiment trends develop enough momentum.

A deeper upward correction is likely ahead before the long-term euro downtrend resumes.