FXStreet (Córdoba) - The EUR/USD was weighed by crosses Wednesday, specially EUR/GBP, and dipped back below the 200-day SMA, accelerating south following a strong ADP reading in the US.



The EUR/USD continued to back away from the 1.3700 mark and hit a daily low of 1.3640 before pausing the decline. At time of writing, the pair is trading at the 1.3645 zone, recording a 0.23% loss on the day.



Coming up next teh US will release factory orders figures and later Fed Chair will speak. But investors are now gearing up for tomorrow’s European Central Bank decision and the US nonfarm payrolls.



EUR/USD technical outlook



Valeria Bednarik, chief analyst at FXStreet notes that the EUR/USD presents a mild bearish tone as per near-term indicators. “Some further downside towards 1.3610 is possible, albeit the market may remain cautious ahead of Thursday fundamental releases”.



Bednarik locates immediate supports at 1.3645, 1.3610 and 1.3570, while resistances are seen at 1.3675, 1.3700 and 1.3735.



Related Articles
  1. Forex Fundamentals

    Chinese Yuan an Unlikely Reserve Currency

    As the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
  2. Economics

    How Currency Enforcement Helped Sink The Trans-Pacific Partnership (TTP)

    One particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
  3. Forex

    Top U.S Forex News Sites

    Breaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
  4. Investing

    Financial News Comparison: Bloomberg Vs. Reuters

    Access to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
  5. Economics

    Who Benefits From South Korea's Lowered Interest Rates?

    South Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
  6. Forex Education

    The Top Uses For P2P Currency Exchange

    Peer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
  7. Forex

    Steps To Open An Offshore Forex Account

    Here is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
  8. Entrepreneurship

    Top Forex Trading Apps

    A brief overview of the top apps that help forex traders with on time information, charts and more.
  9. Investing Basics

    The Risks Of Buying Bitcoin

    Virtual currency is probably here to stay, but what about Bitcoin specifically? Does it have a first-to-market advantage? What are the risks involved?
  10. Forex News

    How The Forex "Fix" May Be Rigged

    When it comes to forex, some types of "fixes" are legal. But some really aren't.
RELATED TERMS
  1. No results found.

You May Also Like

COMPANIES IN THIS ARTICLE
Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!