EUR/USD eyes precious metals surge amid quiet European session

EUR/USD remains relatively stable around 1.1050 as European markets navigate a data-light session, with traders digesting Friday's softer US jobs report. The pair has gained 0.15% (17 pips) in early trading as dollar weakness persists following the disappointing employment data. Gold and silver continue their impressive rally, with XAU/USD breaking above $2,520 and XAG/USD surging 2.3%, reflecting growing Fed rate cut expectations. The US NFIB small business optimism index for August, due later today, is unlikely to significantly impact currency movements. Technical indicators suggest EUR/USD faces immediate resistance at 1.1080 (Friday's high), with support established at 1.1020 (50-day moving average). The absence of major European economic releases leaves traders focused on positioning ahead of this week's US inflation data, which could cement expectations for a 50 basis point Fed rate cut in September.