The EUR/USD has tried to several times to go back above the key psychological threshold; of 1.10 since the beginning of the week, without ever managing to win it back for a long time, and continues to put pressure on an important uptrend line as the macro program gets loaded once again. this Wednesday.
Remember that the Euro-Dollar has not found that limited support in the consensus figures for the European manufacturing PMI released yesterday morning, while the weaker-than-expected US manufacturing ISM did not penalize the economy. excessively the Dollar.
Turning to Wednesday, forex traders will mostly be watching the ADP (EPA:ADP) private sector job creation report. in the USA. The consensus predicts 189k job creations, down sharply from the previous year. 497k the previous month.
>>Find real-time results of important EUR/USD statistics as soon as they are published on the Investing.com economic calendar!
Tomorrow is next! The US services ISM which will be the most important statistic for EUR/USD, ahead of Friday’s NFP jobs report, for which Wednesday’s ADP report will provide insight.
Thresholds techniques to monitor on EUR/USD
From a chart perspective, the EUR/USD pair continues to put pressure on an uptrend line that has been stretching since the beginning of June.
A break below this trend line, which would be confirmed by a return below the weekly low last to 1.0943, would constitute an important bearish signal which would put in sight the zone formed by the moving average 100 days at 1.0912 and by the threshold of 1.09. Then it’s the trough from June 6 to 1.0835 which could be targeted.
À On the upside, the 1.10 threshold acts more like a pivot than a resistance. The first potential obstacle is indeed the threshold of 1.1050, before 1.11, then 1.12, and the top of this year at 1.1277.
EUR/USD remains under pressure before the ADP report, bearish signal imminent?