EUR/USD still in red on ECB minutes, ADP eyed

The shared currency remains entrenched in the negative ground today, with EUR/USD now navigating the 1.1080/70 band.

EUR/USD weaker after ECB

Spot trades within the daily range, coming down to the 1.1070 area after climbing as high as levels above the 1.1100 mark during overnight trade backed by some sort of pick up in the risk appetite trends.

EUR remained apathetic following the release of the ECB minutes, where the Council reiterated its downside view on the region’s growth outlook despite a slight improvement as of late. Furthermore, the central bank said that the negative impact of the recent Brexit vote could be significant for the euro area and that it remains difficult to anticipate.

Next on tap for the pair will be US ADP employment report (159K exp.) followed by Initial Claims (270K exp.).

EUR/USD levels to watch

The pair is now losing 0.22% at 1.1075 and a break below 1.1029 (low Jul.6) would open the door to 1.0913 (post-Brexit low Jun.24) and then 1.0820 (low Mar.10). On the other hand, the initial resistance aligns at 1.1171 (base of the 6-month rising channel) ahead of 1.1184 (high Jul.5) and then 1.1262 (55-day sma).