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EUR/USD recovery fizzles near 1.1385 ahead of US ADP, ISM

  • Consolidating the recovery, as the bulls take a back seat.
  • Downbeat US macro data could drive EUR/USD back above 1.14 handle.

The recovery in the EUR/USD pair from the flash crash lows of 1.1310 faltered in the upper bound of the 1.13 handle, as the bulls take a breather before the next push higher.

The spot is seen paring back the recovery gains, now consolidating in the familiar range near 1.1370 region, as the renewed uptick in the USD/JPY pair appears to offer a fresh sign of life in the US dollar against its major rivals.

However, the recovery in the greenback looks short-lived amid an extension of the declines in the US equity futures and Treasury yields, which may eventually send the EUR/USD pair back above the 1.14 handle.   

Further, a below estimates US ADP jobs report combined with a dip in the US ISM manufacturing PMI reading could accentuate the dollar’s downside, triggering a fresh buying wave around the spot, as the buck remains the exclusive driver for the major so far this Thursday.

EUR/USD Technical Levels

EUR/USD

Overview:
    Today Last Price: 1.1376
    Today Daily change: 30 pips
    Today Daily change %: 0.264%
    Today Daily Open: 1.1346
Trends:
    Previous Daily SMA20: 1.1387
    Previous Daily SMA50: 1.1372
    Previous Daily SMA100: 1.148
    Previous Daily SMA200: 1.1657
Levels:
    Previous Daily High: 1.152
    Previous Daily Low: 1.1325
    Previous Weekly High: 1.1478
    Previous Weekly Low: 1.1343
    Previous Monthly High: 1.1486
    Previous Monthly Low: 1.1269
    Previous Daily Fibonacci 38.2%: 1.1399
    Previous Daily Fibonacci 61.8%: 1.1445
    Previous Daily Pivot Point S1: 1.1274
    Previous Daily Pivot Point S2: 1.1202
    Previous Daily Pivot Point S3: 1.108
    Previous Daily Pivot Point R1: 1.1468
    Previous Daily Pivot Point R2: 1.1591
    Previous Daily Pivot Point R3: 1.1663

 

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