EUR/USD has extended its upward momentum, reaching near 1.1620 amid heightened anticipation of a European Central Bank rate increase. This suggests that traders are pricing in tighter monetary policy from the ECB, which supports the euro. However, the pair's trajectory remains sensitive to the US labor market data due later today, as a stronger-than-expected NFP report could boost the dollar and counter the euro's gains. Traders should monitor these developments closely, as the interplay between ECB hawkishness and US economic indicators will likely dictate near-term EUR/USD movements.