- The pair keeps the negative note intact around 1.1330.
- Advanced EMU CPI came in above expectations in October.
- US ADP report surprised to the upside at 227K last month.
The selling note around the European currency remains intact in the middle of the week and is now prompting EUR/USD to navigate close to recent lows in the 1.1330 region.
EUR/USD upside capped around 1.1360
After a brief test of daily highs in the 1.1360 zone earlier in the day, the pair met sellers that dragged it to fresh multi-day lows around 1.1330, where it is now looking to consolidate.
Adding to the selling mood around spot, the US private sector added 227K jobs during October according to the ADP report, more than initially forecasted. In the same line, Employment Cost Index expanded 0.8% QoQ during the third quarter, also coming in above estimates.
Later in the session, the Chicago PMI is next of relevance ahead of the EIA’s weekly report on crude oil supplies.
EUR/USD levels to watch
At the moment, the pair is down 0.10% at 1.1333 and a break below 1.1331 (low Oct.31) would target 1.1316 (200-week SMA) en route to 1.1299 (2018 low Aug.15). On the upside, the next hurdle emerges at 1.1415 (10-day SMA) seconded by 1.1475 (21-day SMA) and finally 1.1550 (high Oct.22).
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