The EUR/USD pair maintained its positive momentum on Wednesday, rushing through the 1.0900 threshold ahead of the American session. The US Dollar plu
The US ADP survey showed the private sector added 177K new jobs in August.The EUR/USD pair
maintained its positive momentum on Wednesday, rushing through the 1.0900 threshold ahead of the American session. The US Dollar plummeted on Tuesday, following macroeconomic figures supporting the end of the tightening cycle. The Federal Reserve has slowed the pace of rate hikes as inflation has come down, while restrictive conditions fuel the chances of an economic setback.
The Euro Zone Economic Sentiment Indicator contracted to 93.3 in August from 94.5 in the previous month. Furthermore, Spanish and German inflation unexpectedly rose in August. Germany's Harmonized Index of Consumer Prices rose 6.4% YoY in August vs. the 6.2% anticipated by financial markets. The figures fueled bets of aMeanwhile, the United States unveiled the ADP Survey on private job creation, which showed the sector added 177K new positions in August.
The 4-hour chart, however, supports a continued advance. Technical indicators head north almost vertically within positive levels, reflecting strong buying interest. At the same time, EUR/USD advances above a bullish 20 SMA and a mildly bearish 100 SMA. If the pair manages to hold above the 1.0900 threshold, there's a good chance it will approach the 1.1000 figure in the upcoming sessions.
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