• EUR/USD strengthened on Thursday as dollar remained under pressure after data showed U.S. private employers hired the fewest number of workers in in August.
• Private payrolls increased by 99,000 jobs last month, the smallest gain since January 2021, after rising by a downwardly revised 111,000 in July, the ADP National Employment Report showed on Thursday.
• Investors are awaiting Friday’s non-farm payroll report, closely watched as a key indicator for potential U.S. Federal Reserve rate cuts this month.
•At GMT 16:53, the pair was trading up 0.17 percent at 1.1100 after reaching daily high at 1.1119
• Immediate resistance is located at 1.1119( 38.2%fib), any close above will push the pair towards 1.1173 ( Aug 21st high).
• Strong support is seen at 1.1060(50%fib) and break below could take the pair towards 1.1000 (Psychological level).
Recommendation: Good to buy around 1.1090 , with stop loss of 1.0940 and target price of 1.1160
