EUR/USD extends retreat from 1.1100 on PMIs, Fed eyed

The EUR/USD pair ran into fresh offers at 1.1100 and now pushes further below the last, following the release of a series of mixed manufacturing PMI reports from the Euroland.

EUR/USD: All eyes on ADP, FOMC                                                                   

Currently, EUR/USD trades +0.25% higher at 1.1082, having faced rejection just a thread-line short of 1.11 handle. The main currency pair paused its upward rally in the European session, as the bulls faced exhaustion and remained unimpressed by dismal Eurozone manufacturing PMI readings.

Moreover, a fresh bout of buying interest seen behind the greenback across the board, in response to easing risk-off moods, weighed down on the sentiment around the major.

With the Euro area PMIs out of the way, focus solely remains on the US ADP employment change report and FOMC decision due later in the day ahead.

The Fed is widely expected to keep the interest rates unchanged today, although the bank’s language will be closely eyed in order to gauge the chances for a Dec Fed rate hike.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.1100 (key resistance). A break beyond the last, doors will open for a test of 1.1114 (50-DMA) and from there to 1.1144 (Oct 11 high). On the flip side, the immediate support is placed at 1.1016 (5-DMA) below which 1.1000 (round figure) and 1.0968 (20-DMA) could be tested.