EUR/USD pares losses, trades just below 1.1700 on ADP

• The pair picks up some pace and approaches the 1.1700 handle.
• The greenback clings to its daily gains around 94.60.
• US ADP report surprised to the upside at 219K in July.

The single currency managed to stage a moderate rebound from the 1.1675/70 band and is now pushing EUR/USD to the vicinity of 1.1700 the figure in the wake of US data.

EUR/USD looks for direction ahead of ISM, Fed

The pair is prolonging the sideline theme for yet another session on Wednesday, coming down from recent tops beyond 1.1700 the figure amidst a moderate recovery in the greenback.

Spot is now under pressure after the ADP report showed the US private sector added 219K jobs during July vs. 186K forecasted and up from June’s 181K (revised higher from 177K).

Looking ahead, all eyes will be on the publication of the US ISM manufacturing for the month of July ahead of the FOMC meeting, where market consensus expects no change at today’s gathering.

EUR/USD levels to watch

At the moment, the pair is down 0.03% at 1.1689 facing immediate support at 1.1625 (low Jul.27) followed by 1.1575 (low Jul.19) and then 1.1527 (low Jun.28). On the upside, a breakout of 1.1749 (high Jul.23) would open the door to 1.1792 (high Jul.9) and finally 1.1853 (high Jun.14).