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Sellers seem to remain in control of the sentiment around the European currency and force EUR/USD to drop to daily lows near 1.1560 on Wednesday.
EUR/USD now accelerates losses and adds to Tuesday’s bearish price action against the backdrop of further recovery in the greenback as well as the prevailing cautiousness ahead of the FOMC gathering.
Indeed, the buying interest in the dollar improved further after above-estimated results from the US calendar. Actually, the US ADP report showed the US economy added 571K jobs during October, while the ISM Non-Manufacturing rose to 66.7 during last month and headline Factory Orders expanded at a monthly 0.2% in September.
Further upside in the buck also comes in response to the rebound in US yields in the front end and the belly of the curve to 0.50% and 1.57%, respectively.
So far, spot is losing 0.12% at 1.1565 and faces the next up barrier at 1.1689 (55-day SMA) followed by 1.1692 (monthly high Oct.28) and finally 1.1755 (weekly high Sep.22). On the other hand, a break below 1.1535 (weekly low Oct.29) would target 1.1524 (2021 low Oct.12) en route to 1.1495 (monthly low Mar.9 2020).