EUR/USD Rebounds Above Key Support Level as Dollar Weakens Due to Uncertainty

The EUR/USD rebounded in the American session, surpassing the 1.0570 level, mainly due to the weakening US Dollar. Although the euro still faces challenges, it has managed to stay above a significant support level, indicating potential for further gains as the Asian session nears.

The Federal Reserve (Fed) decided to keep interest rates unchanged at its October 31/November 1 meeting, signaling a low likelihood of future rate hikes. The direction of US data, especially inflation metrics, will be pivotal in shaping market expectations.

Recent data reveals that the ADP Employment Report showed a rise of 113,000 private payrolls in October, slightly below the anticipated 150,000 but an improvement from September's 89,000. The unexpected drop in the ISM Manufacturing PMI to 46.7 in October raised concerns. However, the JOLTS Jobs Opening data exceeded expectations at 9.55 million. Upcoming releases include the weekly Jobless Claims on Thursday and the NFP on Friday.

Despite these developments, the market's response has been limited, and the overall sentiment remains unchanged. The US Dollar lost momentum as yields declined further, while Wall Street continued to extend its weekly gains.

EUR/USD continues its uncertain direction by moving inside a range of price and waiting for a reversal of breakout even if the dollar is awake today giving some advantage to the euro.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.0930	1.0800	1.0700	1.0630	1.0500	1.0400