Search ForexCrunch
  • The pair clings to gains although retreats to the 1.1550 region.
  • The greenback picks up further pace and approaches 95.50.
  • US ADP report next on tap seconded by ISM Non-manufacturing.

EUR/USD is now struggling to keep its daily gains after the failed attempt to clinch the 1.1600 handle earlier in the session.

EUR/USD now looks to US data

Spot is losing some traction as we head towards the opening bell in Wall Street amidst some recovery in the greenback and further disappointing headlines from the Italian political scenario.

In fact, EUR-sellers stepped in after comments of Italian officials signaling intentions of a smaller deficit in 2020 and 2021 did not find echo among market participants. In the same line, Italian officials confirmed earlier the 2.4% budget deficit while PM Conte is due to meet with EU officials later in the day.

Looking ahead, the ADP report is coming up next seconded by the ISM Non-manufacturing and the weekly report by the DoE on crude oil supllies.

EUR/USD levels to watch

At the moment, the pair is gaining 0.01% at 1.1548 and a break above 1.1654 (21-day SMA) would target 1.1676 (10-day SMA) en route to 1.1815 (high Sep.24). On the flip side, immediate contention aligns at 1.1505 (low Oct.2) seconded by 1.1449 (50% Fibo of the 2017-2018 up move) and finally 1.1299 (2018 low Aug.15).