EUR/USD drops to lows near 1.1190

The selling pressure is now picking up pace around the shared currency, driving EUR/USD to the area of 1.1190, or daily lows.

EUR/USD now looks to ADP

After testing the area of 1.1230 on Tuesday, the pair has now returned to sub-1.1200 levels as the greenback is attempting a tepid rebound following the recent sharp sell off.

In the data space, Services PMIs in Euroland have come in mixed during last month, while EMU’s Retail Sales have surprised to the downside for the month of June. Across the pond, the ADP report is up next, with consensus expecting the US private sector to have added 170K jobs during last month.

EUR/USD levels to watch

The pair is now losing 0.28% at 1.1193 and a breakdown of 1.1170 (55-day sma) would open the door to 1.1078 (200-day sma) and finally 1.0950 (low Jul.25). On the flip side, the initial hurdle is located at 1.1233 (high Aug.2) followed by 1.1238 (100-day sma) and then 1.1283 (base of the 8-month rising channel).