The EURUSD currency pair, with a current trading rate of 1.09234, has now increased to 1.0919 by 0.36%. This rise in value is due to discouraging employment and GDP data in the United States, which indicates that the Federal Reserve might delay any planned interest rate increases.

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• EUR/USD trades at 1.0919, gaining 0.36%, as disappointing US labor and GDP data suggest the Fed may hold off on rate hikes.

The pair currently trades last at 1.09234.

The previous day high was 1.0892 while the previous day low was 1.0782. The daily 38.2% Fib levels comes at 1.085, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0824, expected to provide support.

The Euro (EUR) registers solid gains against the US Dollar (USD) as US Treasury bond yields slump due to softer economic data in the United States (US), suggesting the US central bank might keep rates unchanged for the remainder of the year.

Late in the New York session, the EUR/USD exchanges hands at 1.0919, gains more than 0.36%, even though month-end flows usually bolstered the Greenback, but signs of an economic slowdown and high inflation reported in Germany keep the shared currency on the driver’s seat.

Given remarks of the US Federal Reserve Chair Jerome Powell, mentioning that a strong labor market and economic growth above trend could warrant rate hikes by the Fed, data in the last few days checked Powell’s reasons to not raise rates.

The August ADP National Employment report came below estimates of 195K, at 177K, reinforcing Tuesday’s JOLTs report, which began the trend of bad jobs data that could continue tomorrow, with Initial Jobless Claims ahead of Friday’s US Nonfarm Payrolls report.

At the same time, the US Department of Commerce showed the US economy is beginning to stall, as the second estimate for the Gross Domestic Product (GDP) in Q2 came at 2.1%, missing the previously released estimate of 2.4%.

The market participants’ response to the data was seen in US Treasury bond yields, with most edging lower, though pairing its earlier losses. Consequently, the Greenback is on the back foot, as shown by the US Dollar Index (DXY) losing 0.29%, at 103.187.

Across the Atlantic, the Euro was boosted by the German Harmonised Index of Consumer Prices (HICP), increasing monthly and annually based figures. Month-over-month inflation was 0.4% above estimates of 0.3% and 6.4% YoY, above the 6.3% foreseen.

Given the latest fundamental data, the EUR/USD bias would remain upwards, though set for a pullback, before challenging the 1.1000 area. On the upside, the pair would find resistance at the 100-DMA at 1.0925, which might not be easy to surpass ahead of Thursday’s data.

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0924 at the time of writing. Pair opened at 1.088 and is trading with a change of 0.4 % .

The pair is trading above its 20 Daily moving average @ 1.0905, below its 50 Daily moving average @ 1.0974 , below its 100 Daily moving average @ 1.0927 and above its 200 Daily moving average @ 1.0809

The previous day high was 1.0892 while the previous day low was 1.0782. The daily 38.2% Fib levels comes at 1.085, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0824, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0811, 1.0742, 1.0701
• Pivot resistance is noted at 1.092, 1.0961, 1.103

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