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.