The EUR/USD currency pair has climbed back above the 1.1600 exchange rate, reversing earlier losses to trade positively on the day. The euro found solid support near the 1.1580 level, which marked its weekly low, before staging a decisive rebound against the US dollar. This technical recovery shifts the pair's short-term momentum as it regains a key psychological handle.
The rally was primarily fueled by weaker-than-anticipated US economic data. The ADP national employment report significantly missed market expectations, casting doubt on the strength of the US labor market and the broader economic recovery. This immediately pressured the USD, as traders reassessed the timeline for potential Federal Reserve policy tightening.
Consequently, the EUR/USD pair is now testing higher technical levels, with market participants closely watching for a sustained break above the 1.1600 region. The move highlights the dollar's sensitivity to employment figures and suggests that upcoming official jobs data will be critical for near-term direction in forex trading.
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Data Source: GrowingPool Analysis Team Updated: 2025-11-18 16:57
Disclaimer: This article is for reference only and does not constitute investment advice. Forex trading involves risks; please make decisions carefully.