Yes, but only using the simple recurring system, if you want to use the recurring jobs and reminders system you will have to use a job template.
The reason behind not allowing the use of existing jobs is that recurring jobs would quickly become filled with irrelevant information from previous jobs, with job templates the job will be exactly how you set it up, every time and makes it easy to change a group of recurring schedules by changing one template. I.E When your pricing goes up.