EUR/USD drops furher post-ADP

The single currency met extra selling pressure today, now relegating EUR/USD to fresh lows in the vicinity of 1.1120.

EUR/USD lower on ADP

The pair tested fresh 3-week lows near 1.1120 after the ADP report showed the US private sector have created 177K jobs during last month, surpassing forecasts for 175K albeit lower than July’s 194K (revised higher from 179K).

Looking ahead, the greenback will remain in the centre of attention in light of the release of US July’s Pending Home Sales and the EIA’s weekly report on crude oil inventories.

EUR/USD levels to watch

The pair is now losing 0.15% at 1.1126 and a break below 1.1121 (200-day sma) would open the door 1.1043 (low Aug.5) and finally 1.0965 (6-month support line). On the other hand, the initial resistance aligns at 1.1197 (2014-2016 resistance line) followed by 1.1367 (high Aug.18) and finally 1.1434 (high Jun.24).