Euro Buoyed by Weak US Jobs Data as EUR/USD Eyes 1.1600

The EUR/USD price is trading at around 1.1555 during the Asian session on Thursday, reflecting strength in the Euro as the US Dollar faces pressure from deteriorating employment conditions.

According to ADP, the private sector added 44K payrolls in July, lower than estimates of 70K and the prior release of 98K.

TD Securities expects a modest improvement in July's jobs report, with economists forecasting a pick-up to 70k after June's surprise downside. The unemployment rate is expected to remain steady at 4.2%.

The EUR/USD technical analysis shows the pair holding above the 20-period exponential moving average (EMA) and the Relative Strength Index (RSI) in bullish territory but shy of overbought conditions.