EUR/USD: sold off over 30 pips as market gets longer greenback

EUR/USD fell sharply from 1.1175 to 1.1141 to stabilize again after a period of consolidation of the supply from 1.1232 earlier in the week. 

Markets are getting behind the greenback again while we await the key data at the end of the week in nonfarm payrolls. The ADP report, as a potential prelude to the numbers offered a stable outlook for the job's sector in the US economy and coupled with the recovery of last month's report, a strong report will build speculation that the Fed will hike interest rates towards the end of the year or Q1 2017, supporting prospects for a stronger dollar while the European's struggle with their banks and Brexit uncertainties.

EUR/USD levels

Current price is 1.1145, with resistance ahead at 1.1158 (Yesterday's Low), 1.1161 (Hourly 100 SMA), 1.1176 (Daily Classic S1), 1.1190 (Hourly 20 EMA) and 1.1206 (Daily Classic PP). Next support to the downside can be found at 1.1141 (Daily Low), 1.1129 (Daily Classic S2), 1.1108 (Weekly Classic PP), 1.1099 (Daily Classic S3) and 1.1097 (Daily 20 SMA). Looking at price patterns, we can see a Dark Cloud Cover and Engulfing Bearish 1-hour candlestick formation.