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EUR/USD keeps the trade below 1.1200

FXStreet (Edinburgh) - The selling interest remains well and sound around EUR on Wednesday, with EUR/USD now meandering the 1.1190/85 band.

EUR/USD now looks to Yellen

The down move remains intact in the pair today, now extending the drop further below the 1.1200 handle in response to the better-than-expected ADP figures. Recall that the US private sector has created 200K jobs in September, up from August’s 186K and a tad higher than consensus at 195K. Further data saw the Chicago PMI at 48.7 for the current month, missing estimates at 53.0 and down from previous print at 54.4.

Spot continues to debate between a stronger greenback and month-end flows, giving away initial gains and turning negative for the week. The dollar will remain in centre stage later, in light of the speech by Fed’s Chief J.Yellen.

EUR/USD levels to watch

As of writing the pair is losing 0.46% at 1.1196 and a breakdown of 1.1146 (low Sep.28) would expose 1.1105 (low Sep.23). On the other hand, the initial resistance aligns at 1.1281 (high Sep.29) followed by 1.1296 (high Sep.24) and finally 1.1330 (high Sep.21).

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