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EUR/USD holds near 1.1550 as dollar softens ahead of US data
The US Dollar Index is about 0.15% lower near 99.70, while traders look to ADP and the ISM Services report for direction.
EUR/USD was bid higher in European trade on Wednesday, up about 0.15% to around 1.1550, as the US dollar faced selling pressure heading into a busy North American session, according to FXStreet.
FXStreet noted that analysts at Danske Bank said attention will center on a potential SOH deal announcement alongside US data releases, including the July ADP private sector employment report and the July ISM Services index. The outlet also highlighted commentary that ADP's weekly estimates have suggested cooling employment growth from June, while the ISM Services print is watched after an earlier flash PMI pointed to an uptick in business activity.
On the euro side, FXStreet said investors are looking for fresh cues on European Central Bank interest rate expectations, with Deutsche Bank estimating pricing for a September ECB hike at around 90%. The pair was described as trading near a downward resistance trendline and above the 20-day exponential moving average near 1.1462, supporting a constructive near-term bias, while RSI at 63 points toward bullish momentum without signaling extreme overbought conditions.
Downside levels cited by FXStreet include support at the 20-day EMA near 1.1462, with a further drop potentially extending toward the July 28 low at 1.1353, while a break above the downward-sloping trendline could open the way toward 1.1600.
Latest closeEUR/USD 1.153 ▼0.1%