- A slightly stronger US dollar pushed EUR/USD to 1.1604, fresh low.
- The greenback is mostly higher while the euro is the worst performer among European majors.
The EUR/USD pair head lower during the US session and printed a fresh daily low at 1.1604. During the last hours, it has been moving in a small range between 1.1625 and 1.1610, consolidating modest losses for the day.
The move lower was triggered by a stronger US dollar. US data released today came in mixed and had no significant impact on the greenback. The ADP report showed the private sector added 163K jobs during August (lowest since October and below expectations of 217K), initial jobless claims fell more than expected to 203K, a new multi-decade low while the ISM non-manufacturing rose more than estimates to 58.5 from 55.7. On Friday, the official employment report will be released.
The euro is falling also versus the pound and the Swiss franc on Friday. EUR/CHF reached 1.1230, a fresh 1-year low while EUR/GBP is back under 0.9000, both pairs moved all day with a bearish bias.
Technical levels
EUR/USD was rejected again from the 1.1600 zone and retreat. The negative tone prevails and could change if it rises back above 1.1630 (20-hour moving average) but ahead of the Asian session, a consolidation phase seems likely. The downside looks limited while the euro remains above 1.1600.
To the downside, immediate support is seen at the 1.1600 area followed by 1.1580 (Aug 31 low) and 1.1540 (Sep 5 low). On the upside, resistance might lie at 1.1630 (20-hour moving average) and 1.1660 (Sep 6 high).
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