EUR/USD Nudges Up, Approaching 1.0800 As ADP Data Disappoints

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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.

 is trimming some losses ahead of Wednesday’s US session opening, favored by a mild US Dollar weakness after the US ADP report showed an unexpected decline in US employment.
 US ADP confirms that the US labor market is coolingJob creation increased by 103,000 new payrolls in the US. 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 labor 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 watchEUR/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

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