FxWirePro: EUR/USD uptrend gains momentum but hurdles ahead

• EUR/USD strengthened  on Tuesday as dollar dipped on concerns about the deteriorating U.S. labor market after a report showed that private employers cut jobs last month.

• ADP Research reported on Tuesday that preliminary data indicates private employers lost an average of 11,250 jobs per week over the four weeks ending October 25.

• As the federal government nears reopening, a wave of economic reports is expected, potentially highlighting signs of economic slowdown.

• The measure to end the government closure is now before the House, with Speaker Johnson seeking passage by Wednesday for Trump’s approval.

• Meanwhile, German investor sentiment unexpectedly declined in November, with the ZEW economic research institute reporting a drop in its economic sentiment index to 38.5 from 39.3 in October.

•   Immediate resistance is located at 1.1621 ( 38.2%fib), any close above will push the pair towards 1.1706 ( Higher BB)

• Strong support is seen at 1.1549(Daily low) and break below could take the pair towards 1.1476(61.8%  fib).

  Recommendation: Good to sell around 1.1590 , with stop loss of  1.1680  and target price of 1.1520