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EUR/USD bounces-off 1.1200, US ADP report eyed

FXStreet (Mumbai) - The EUR/USD pair met fresh supply near 1.1225-30 region in the recent dealings, thus extending the drop just ahead of 1.12 barrier, only to recover few pips near 1.1215 where it now wavers.

EUR/USD trades around hourly 100-MA

The EUR/USD pair trades -0.34% lower at 1.1210, testing fresh session lows posted at 1.1202. The shared currency remains heavily offered versus the greenback during the European trading hours with fresh selling wave witnessed after the EU CPI data revealed that the 19-nations bloc fell back into deflation.

Moreover, the latest set of below estimates German data also continues to dampen the sentiment around the common currency. Further, rallying European indices also added to the improved risk-sentiment, thereby diminishing the demand for euro as a safe-haven.

Later in the day, the ADP report is due and is projected to rise to 192,000, which might spur a renewed USD rally. While Fed Yellen’s remarks on the interest rates outlook, at her speech scheduled later today will be also closely monitored.

EUR/USD Technical Levels

The pair has an immediate resistance at 1.1285 (Sept 29 High), above which gains could be extended to 1.1331 (Sept 21 High) levels. On the flip side, support is seen at 1.1200 (Psychological levels) below which it could extend losses to 1.1163 (Sept 24 Low) levels.

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