The EURUSD currency pair, currently at a rate of 1.09914, has experienced its first daily increase after three days of losses. This is due to the negative impact the downtrend in the US credit rating has had on the value of the US dollar. It is anticipated that there will be more declines in the future.

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• EUR/USD prints the first daily gains in three as US credit rating downtrend weighs on Greenback.

The pair currently trades last at 1.09914.

The previous day high was 1.1003 while the previous day low was 1.0952. The daily 38.2% Fib levels comes at 1.0972, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0984, expected to provide support.

EUR/USD clings to mild gains around 1.1000 round figure as it snaps a two-day losing streak during early Wednesday. In doing so, the Euro pair benefits from the US Dollar’s pullback amid the US credit rating downgrade while reversing from a convergence of the 50-day Exponential Moving Average (EMA) and an upward-sloping support line from early June as it awaits the US ADP Employment Change for July, expected 189K versus 497K prior.

Also read: EUR/USD regains 1.1000 on US credit rating cut, focus on ADP Employment Change

Even if the major currency pair bounces off the 1.0980 key support comprising 50-EMA and a multi-day-old rising trend line, the 21-EMA hurdle of around 1.1035 joins the bearish MACD signals and steady RSI to challenge the buyers.

Although the quote crosses the 1.1035 upside hurdle, a two-week-long descending resistance line will act as the final defense of the EUR/USD bears near 1.1080.

Following that, May’s high of 1.1090 and the late July swing high of around 1.1150 could lure the Euro bulls before directing them to the yearly high marked the last month around 1.1275.

Alternatively, a daily closing below 1.0980 support confluence could quickly drag EUR/USD toward the previous monthly low of 1.0833 before highlighting the early June swing high of near 1.0780 to them.

However, an ascending trend line from mid-March, close to 1.0770 at the latest, could challenge the EUR/USD bears afterward.

Trend: Further downside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.1004 at the time of writing. Pair opened at 1.0985 and is trading with a change of 0.17% % .

The pair is trading below its 20 Daily moving average @ 1.107, above its 50 Daily moving average @ 1.0923 , above its 100 Daily moving average @ 1.091 and above its 200 Daily moving average @ 1.073

The previous day high was 1.1003 while the previous day low was 1.0952. The daily 38.2% Fib levels comes at 1.0972, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0984, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0957, 1.0929, 1.0906
• Pivot resistance is noted at 1.1008, 1.1031, 1.1058

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