EURUSD: SELL 1.1795, SL 1.1830, TP 1.1710 | 03 July 2025

An event to watch out for today:

02.07 15:15 EET. USD - ADP Employment Change

EURUSD:

EUR/USD broke its winning streak that began on June 18 and traded around 1.1800 during Asian trading hours on Wednesday. The pair fell after reaching 1.1830, its highest level since September 2021, recorded on Tuesday, which can be explained by a slight strengthening of the US dollar (USD).

The US dollar index (DXY), which measures the value of the US dollar against six major currencies, broke its losing streak that began on June 19 and is trading around 96.70 at the time of writing. The dollar is strengthening as recent data showed that economic activity in the US manufacturing sector improved in June.

The US Manufacturing PMI rose to 49.0 from 48.5 in May, exceeding experts' expectations of 48.8. In addition, the number of job openings in the US (JOLTS Job Openings) rose to 7.76 million in May from 7.395 million in April. This figure exceeded market expectations of 7.3 million. Traders are likely to keep an eye on the ADP report on US employment change for June, which will be released later today.

Preliminary data showed that inflation in the eurozone was 2%, as expected, remaining within the European Central Bank's (ECB) target range. Meanwhile, ECB Chief Economist Philip Lane noted that the recent cycle of monetary tightening by the central bank has come to an end.

Trading recommendation: SELL 1.1795, SL 1.1830, TP 1.1710

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