EUR/USD nudges up, approaching 1.0800 as ADP data disappoints

Guillermo Alcala FXStreet

The Euro bounces up and approaches intra-day highs at 1.0800.
Weak US ADP data sends the UD Dollar lower across the board.
Downbeat Euroone figures are limiting the Euro’s recovery.

The Euro is trimming some losses ahead of Wednesday’s US session opening, favoured by a mild US Dollar weakness after the US ADP report showed an unexpected decline in US employment.

US ADP confirms that US labor market is cooling

Job creation increased by 103,000 new payrolls in the US in. November, well below the 130,000 reading forecasted by the market. Apart from that, October’s reading has been revised down to 106,000 from the previously estimated 113,00.

These figures confirm that the impact of the restrictive interest rates is starting to hit the labour market. The impact on the pair however, has been subdued, with the Euro weighed by downbeat German Factory orders and the contracting services activity data seen on Tuesday.

If the Nornfarm Payrolls report confirms this view on Friday, it will boost feeds speculation that the Fed might start curing rates in the first quarter of 2024 and increase negative pressure on the US Dollar.

The broader picture, however, remains little changed. The pair maintains a clear bearish bias, while below 1.0800 and 1.0850. On the downside, support levels are 1.0750 and 1.0660.

Technical levels to watch

EUR/USD

Overview
Today last price	1.0792
Today Daily Change	-0.0003
Today Daily Change %	-0.03
Today daily open	1.0795

Trends
Daily SMA20	1.0857
Daily SMA50	1.0691
Daily SMA100	1.0775
Daily SMA200	1.0821

Levels
Previous Daily High	1.0848
Previous Daily Low	1.0778
Previous Weekly High	1.1017
Previous Weekly Low	1.0829
Previous Monthly High	1.1017
Previous Monthly Low	1.0517
Daily Fibonacci 38.2%	1.0805
Daily Fibonacci 61.8%	1.0821
Daily Pivot Point S1	1.0766
Daily Pivot Point S2	1.0738
Daily Pivot Point S3	1.0697
Daily Pivot Point R1	1.0836
Daily Pivot Point R2	1.0876
Daily Pivot Point R3	1.0905

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

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